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The concept of ‘invisible hand’ propagated by Adam Smith means
- a)Every person, by looking out for themselves, inadvertently helps to create the best outcome for all.
- b)A wealthy nation is one that is populated with citizens working productively.
- c)An institutional framework is necessary to steer humans toward productive pursuits that are beneficial to society.
- d)None of the above.
Correct answer is option 'A'. Can you explain this answer?
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The concept of ‘invisible hand’ propagated by Adam Smith m...
The phrase invisible hand was introduced by Adam Smith in his book 'The Wealth of Nations'. He assumed that an economy can work well in a free market scenario where everyone will work for his/her own interest.
He explained that an economy will comparatively work and function well if the government will leave people alone to buy and sell freely among themselves. He suggested that if people were allowed to trade freely, self-interested traders present in the market would compete with each other, leading markets towards the positive output with the help of an invisible hand.
The unobservable market force that helps the demand and supply of goods in a free market to reach equilibrium automatically is the invisible hand.
He explained that an economy will comparatively work and function well if the government will leave people alone to buy and sell freely among themselves. He suggested that if people were allowed to trade freely, self-interested traders present in the market would compete with each other, leading markets towards the positive output with the help of an invisible hand.
The unobservable market force that helps the demand and supply of goods in a free market to reach equilibrium automatically is the invisible hand.
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The concept of ‘invisible hand’ propagated by Adam Smith m...
A concept refers to an abstract idea or general notion that represents something in the mind. It is a mental construct that helps us understand, categorize, and organize information and experiences. Concepts can be concrete or abstract, and they can be based on sensory perceptions or purely theoretical ideas.
For example, the concept of "love" is an abstract idea that represents a deep affection or attachment towards someone or something. It is a concept that helps us understand and categorize our emotions and relationships.
Concepts can also be more specific and related to a particular field or domain. For example, in mathematics, the concept of "probability" represents the likelihood of an event occurring. In philosophy, the concept of "justice" represents fairness and moral righteousness.
Concepts are important in cognitive processes such as perception, memory, learning, and problem-solving. They allow us to make sense of the world around us and communicate our thoughts and ideas effectively. They form the basis for language and communication, as words and symbols are used to represent and convey concepts.
Overall, concepts are fundamental to human cognition and play a crucial role in our understanding of the world. They help us organize and make sense of information, and provide a framework for thinking and reasoning.
For example, the concept of "love" is an abstract idea that represents a deep affection or attachment towards someone or something. It is a concept that helps us understand and categorize our emotions and relationships.
Concepts can also be more specific and related to a particular field or domain. For example, in mathematics, the concept of "probability" represents the likelihood of an event occurring. In philosophy, the concept of "justice" represents fairness and moral righteousness.
Concepts are important in cognitive processes such as perception, memory, learning, and problem-solving. They allow us to make sense of the world around us and communicate our thoughts and ideas effectively. They form the basis for language and communication, as words and symbols are used to represent and convey concepts.
Overall, concepts are fundamental to human cognition and play a crucial role in our understanding of the world. They help us organize and make sense of information, and provide a framework for thinking and reasoning.
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The concept of ‘invisible hand’ propagated by Adam Smith meansa)Every person, by looking out for themselves, inadvertently helps to create the best outcome for all.b)A wealthy nation is one that is populated with citizens working productively.c)An institutional framework is necessary to steer humans toward productive pursuits that are beneficial to society.d)None of the above.Correct answer is option 'A'. Can you explain this answer?
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The concept of ‘invisible hand’ propagated by Adam Smith meansa)Every person, by looking out for themselves, inadvertently helps to create the best outcome for all.b)A wealthy nation is one that is populated with citizens working productively.c)An institutional framework is necessary to steer humans toward productive pursuits that are beneficial to society.d)None of the above.Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about The concept of ‘invisible hand’ propagated by Adam Smith meansa)Every person, by looking out for themselves, inadvertently helps to create the best outcome for all.b)A wealthy nation is one that is populated with citizens working productively.c)An institutional framework is necessary to steer humans toward productive pursuits that are beneficial to society.d)None of the above.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The concept of ‘invisible hand’ propagated by Adam Smith meansa)Every person, by looking out for themselves, inadvertently helps to create the best outcome for all.b)A wealthy nation is one that is populated with citizens working productively.c)An institutional framework is necessary to steer humans toward productive pursuits that are beneficial to society.d)None of the above.Correct answer is option 'A'. Can you explain this answer?.
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