--%>

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 : Capitalism-Tightly regulate business I

    I have a problem in economics on Capitalism-Tightly regulate business. Please help me in the following question. The govt. in a purely capitalist state would not: (1) Find out the property rights. (2) Enforce contracts among private parties. (3) Offer

  • Q : Gross domestic product Question Would

    Question Would "Victory Points" be a measure of player's "GDP"? If not, then how would you calculate a player's GDP?

  • Q : Define Operating income approach

    Describe briefly Operating income approach?

  • Q : Meaning of Modigliani-Miller Briefly

    Briefly describe the meaning of Modigliani- Miller (M and M) approach?

  • Q : Explain the shapes of the

    Specify and explain the shapes of the marginal-benefit and marginal-cost curves and use these curves to determine the optimal allocation of resources to a particular product.  If current output is such that marginal cost exceeds marginal benefit, should more or l

  • Q : Illustrate other than price many factors

    Illustrate other than price many factors determine the outcome?

  • Q : Drawbacks of capital budgeting Write

    Write down the drawbacks of capital budgeting?

  • Q : History of King Louis world of commerce

    Early in the 18th century, a leading industrialist responded to an advisor of King Louis IV of France, who asked how the crown could most excellent facilitate the world of commerce, along with “Laissez nous faire,” that im

  • Q : Fruit Question: Read the following

    Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

    Q : Case of arbitrage while selling and

    Assume that melons sell for $5 in Brazil when moose pelts sell for $10, still into Canada melons sell for $10 as well as moose pelts sell for $5. A person who buys moose pelts within Canada to sell into Brazil would be doing: (1) speculation. (2) the “invisible