- The invisible hand is a concept that was coined by economist Adam Smith to illustrate hidden economic forces.
- The invisible hand is a metaphor that describes the unseen forces that impact the free market through actions based on individual self-interest.
- In theory, consumers basing decisions on self-interest creates a positive outcome for the economy.
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The invisible hand concept was an idea proposed by economist Adam Smith that illustrates the hidden forces behind people’s economic choices. It is a foundational concept for rational choice theory, which states that people will make decisions based on their own personal self-interest…