Adam Smith The purpose of this report is to educate the reader on a great man, the "Father of Economics", Adam Smith. ... His concepts, such as the "invisible hand" and opinions are widely respected and integral to economic theory three centuries later. ... This is the basis for Adam Smith's "invisible hand theory". The "invisible hand" encourages businesses to provide what consumers want. ...
He believed that we should leave it up to the "invisible hand". ... The monopoly becomes a powerhouse of income not allowing the "little man" to prosper. ... He believed that we should leave it up to the "invisible hand" to oversee the economic condition of the marketplace. ...
Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man or order of men. ... He intends only his own gain, and he is in this, as in many other cases, led by and invisible hand to promote an end which was no part of his intention. ... This passage is known as the invisible hand passage and is one of the most widely known passages in the book. ...
Just pauses for a moment, do you think that one man could make himself a coat, while farming the vegetables, and milking the cow, and teach his kids, and make dinner, and have enough skill to build a house for himself to live? ... The idea behind self love, do what benefits you the most, becomes the invisible hand that regulates trade. ...
