Explaining A Concept: Concept Of The Invisible Hand In A Laissez-Faire Economy

Want to read the rest of this paper? Join Essayworld today to view this entire essay and over 50,000 other term papers

following year. In 1776, he moved to London, where he published An Inquiry into the Nature and Causes of the Wealth of Nations (1776), the first major work of political economy. This examined in detail the consequences of economic freedom, such as division of labor, the function of markets, and the international implications of a laissez-faire economy.
Adam Smith is most remembered today for his explanation of our market system. A majority of people saw confusion when they observed economic activity in England during the middle of the 18th century. They saw everyone doing whatever they pleased and deemed necessary. Businesses produced whatever they wanted to make. Consumers purchased whatever they wanted to buy. No one told anyone what had to be bought and what had to be sold especially the government. And yet, somehow, businesses seemed to be providing the goods and services that consumers wanted and needed. Some might have called it luck; Adam Smith called it an ...

Get instant access to over 50,000 essays. Write better papers. Get better grades. Already a member? Login

CITE THIS PAGE: