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The invisible hand: Capitalism's misunderstood metaphor

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

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The invisible hand: Capitalism's misunderstood metaphor

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