In the wealth of nations 1776 Adam smith wrote that markets did not need governments to control them because of the invisible hand of competition.

True. In the Wealth of Nations 1776 Adam Smith wrote that markets did not need governments to control them because of the "invisible hand" of competition. Smith focused on how different pricing and distribution within an economy are dispersed using an invisible hand idea. Some economists state that the uneven distribution and market happenings frustrate the government which lead to unwanted shortages and surpluses of items.