Home > Terms > Armenian (HY) > անտեսանելի ձեռք
անտեսանելի ձեռք
Adam Smith’s shorthand for the ability of the free market to allocate factors of production, goods and services to their most valuable use. If everybody acts from self-interest, spurred on by the profit motive, then the economy will work more efficiently, and more productively, than it would do were economic activity directed instead by some sort of central planner. It is, wrote Smith, as if an “invisible hand” guides the actions of individuals to combine for the common good. Smith recognized that the invisible hand was not infallible, however, and that some government action might be needed, such as to impose antitrust laws, enforce property rights, and to provide policing and national defense.
- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
- Product:
- Acronym-Abbreviation:
Other Languages:
Member comments
Terms in the News
Featured Terms
Contributor
Featured blossaries
mailmeddd123
0
Terms
2
Blossaries
0
Followers
Top 20 Website in the World
tim.zhaotianqi
0
Terms
40
Blossaries
4
Followers
Yamaha Digital Piano
Browers Terms By Category
- Biochemistry(4818)
- Molecular biology(4701)
- Microbiology(1476)
- Ecology(1425)
- Toxicology(1415)
- Cell biology(1236)
Biology(22133) Terms
- Investment banking(1768)
- Personal banking(1136)
- General banking(390)
- Mergers & acquisitions(316)
- Mortgage(171)
- Initial public offering(137)
Banking(4013) Terms
- General law(5868)
- Courts(823)
- Patent & trademark(449)
- DNA forensics(434)
- Family law(220)
- Legal aid (criminal)(82)
Legal services(8095) Terms
- Cooking(3691)
- Fish, poultry, & meat(288)
- Spices(36)
Culinary arts(4015) Terms
- Characters(952)
- Fighting games(83)
- Shmups(77)
- General gaming(72)
- MMO(70)
- Rhythm games(62)