Abstract:The invisible hand is one of the most familiar and misunderstood concepts popularised by Adam Smith. Smith is the pioneer of the recognisance of economics as a social science. Thanks to the invisible hand mechanism, Smith argues that all economic activities in markets have no shortage of state intervention thanks to perfect competition. Markets consistently and spontaneously come to equilibrium at the full employment level via that. However, this mechanism is a myth, learned worldwide for years. Since the hist… Show more
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