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13 November, 00:10

The idea that firms and resource suppliers in seeking to further their own self-interests in a competitive market economy also simultaneously promotes the public or social interest is a description of:

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  1. 13 November, 02:17
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    That is known as the "invisible hand"
  2. 13 November, 03:52
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    The idea that firms and resource suppliers in seeking to further their own self-interests in a competitive market economy also simultaneously promotes the public or social interest is a description of the invisible hand. The term invisible hand was used by Adam Smith a Scottish philosopher and economist in the 18th-century. The invisible hand refers to the unintended social benefits that came from an individuals self-interest actions.
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