Economics · History of Economic Thought
In classical economic thought, the concept of the 'invisible hand' was introduced to explain how individual self-interest can unintentionally promote overall economic welfare. In this context, what did Adam Smith refer to as the 'invisible hand'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Legislative control over trade and industry
- 2Judicial regulation of commercial disputes
- 3The market or price mechanism that coordinates supply and demand✓
- 4Government intervention in economic activities
Correct answer
The market or price mechanism that coordinates supply and demand
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