Explaining A Concept: Concept Of The Invisible Hand In A Laissez-Faire Economy

Part I of Essay
“By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led b ....

Part II of Essay
.... Kirkcaldy, Fife, he studied at Oxford, and became a professor of logic at Glasgow (1751), but took up the chair of moral philosophy the following year. In 1776, he moved to London, where he published An Inquiry into the Nature and Causes of the Wealth of Nations (1776), the first major work of political economy. This examined in detail the consequences of economic freedom, such as division of labor, the function of markets, and the international implications of a laissez-faire economy. Adam Smith is most remembered today for his explanatio ....