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Adam Smith believed that the result of influence by an "invisible hand" is the unintentional promotion of the greater good or public interest. When individuals pursue their own self-interest in a free market economy, they are guided by an "invisible hand" to inadvertently contribute to the overall prosperity of society.
Here's a breakdown of what this means:
1. Individuals, by seeking their own gain, inadvertently contribute to the economic well-being of society.
2. The "invisible hand" metaphorically describes how self-interested actions in a competitive market environment can lead to positive outcomes for the entire community.
3. Smith argued that in pursuing profit, individuals unintentionally stimulate economic growth, innovation, and the efficient allocation of resources, benefiting society as a whole.
In summary, Adam Smith's concept of the "invisible hand" suggests that individuals, acting in their self-interest, can collectively contribute to the common good through the market mechanism without explicit central coordination.
