Tag: Adam Smith

The Invisible Hand and Its Scar

Thumb on the Scale of Justice

If you’ve studied economics or the business pages, you’ve probably heard of the Invisible Hand. Adam Smith introduced the metaphor in The Wealth of Nations two hundred and fifty years ago. It’s been elaborated on and developed into a basic justification of unfettered free market economy. The Invisible Hand The invisible hand is a metaphor…

Invisible Hand

The Invisible Hand (from jeff-for-progress.blogspot.com). Scrooge McDuck-looking character hoisted aloft on the Invisible Hand, looking down at 5 identical factories with tall chimneys spewing smoke in their industrious pursuits

We should not alter societal needs—equality of opportunity and equal reward for equal work—allowing a mythical Invisible Hand the power to stifle changes to the economic marketplace.