Adam Smith’s theory of the invisible hand states that for each product or service there is an interplay among the forces of supply and demand, competition, and self-interest. Smith, an eighteenth-century Scottish economist and philosopher, is generally regarded as the father of classical economics. Baptized into the Church of Scotland, he was an Enlightenment-era scholar who thought about economics from the individual’s perspective.
Before the eighteenth century, the pedestrian theory of economics was . . .
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