--%>

Meaning of invisible hand according to Adam Smith

Adam Smith’s opinion of an “invisible hand” powerfully implies the meaning that: (w) pursuit of individual self interest must be controlled. (x) most people lose sight of what’s good for society. (y) most people are motivated primarily by social welfare. (z) competition channels self-interested behavior to serve all of society.

Can anybody suggest me the proper explanation for given problem regarding Economics generally?

   Related Questions in Business Economics

  • Q : Positive Balance of Payments Question:

    Question: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments." Briefly comment on this

  • Q : Decentralized a virtue of capitalism

    The idea which a virtue of capitalism is decentralized its decision making emerged while: (1) social philosophers looked for alternatives to feudal kings like economic regulators. (2) Russian imperialism fostered anti-communist sentiment after World W

  • Q : Describe High operating leverage

    Briefly describe High operating leverage?

  • Q : Favor laissez- faire economic policies

    Favor laissez- faire economic policies tended by Adam Smith, who also: (w) saw the requirement for several state intervention. (x) believed there were no conditions in which the government must intervene. (y) supported most government

  • Q : Individuals self-interests and broader

    A natural harmony among individuals serving their own self-interests and the broader interests of society was the main theme of the theories of __________, although this concept was not accepted through _________. Determine the correct answer from given options: (w) K

  • Q : Conception of the Invisible Hand by

    Conception of the “Invisible Hand” by Adam Smith relies on mechanisms like those as underpin: (1) William Stanley Jevons’ “sunspot” theory of business cycles. (2) the biological concept of Homeostasis. (3

  • Q : Need urgent help need urgent help in

    need urgent help in business economics, please suggest

  • Q : Problem on prisoners dilemma game Lets

    Lets assume an infinitely repeated prisoner’s dilemma game by two players. The resulting payoffs at each phase by the actions of two players are illustrated below in the table (payoffs are symbolized like (payoff for player 1, payoff for player 2)). Two players

  • Q : What happens in the resource markets

    What happens in the resource markets?

  • Q : In long-run equilibrium earning of zero

    When, in a perfectly competitive industry, where the market price facing a firm is above its average total cost on the output here marginal revenue equivalents marginal cost, in that