EPISODE · Mar 21, 2023 · 20 MIN
The invisible hand: Capitalism's misunderstood metaphor
from Quartz Obsession · host Quartz
What drives the global economy? Any student of economics is likely to mention the “invisible hand”—the collective self-interest that acts as the market’s guiding force in a more powerful and beneficial way than government intervention can. Legendary 18th century Scottish philosopher Adam Smith coined the usage of this term, and one major economics textbook popularized it. But a closer look at context suggests Smith was saying something else entirely. Presented by EY Episode art by Vicky Leta
What this episode covers
What drives the global economy? Any student of economics is likely to mention the “invisible hand”—the collective self-interest that acts as the market’s guiding force in a more powerful and beneficial way than government intervention can. Legendary 18th century Scottish philosopher Adam Smith coined the usage of this term, and one major economics textbook popularized it. But a closer look at context suggests Smith was saying something else entirely. Presented by EY Episode art by Vicky Leta
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The invisible hand: Capitalism's misunderstood metaphor
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