The Market as a Social Institution — Sociology STD 12 Humanities — Question
CBSE BoardEnglish MediumSTD 12 HumanitiesSociologyThe Market as a Social Institution2 Marks
Question
What is meant by the phrase 'invisible hand'?
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Answer
According to Adam Smith, every person looks for his own self-interest and in pursuit of this in-tum works for the self-interest of all. In this sense, there seems to be an unseen force at work that converts what is good for each individual into what is good for the society. This unseen force was called the 'invisible hand'
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