the.com/invisible hand
Selfishness, laundered through markets, somehow tips its hat to the common good.
means The idea that people pursuing their own self-interest in a free market unintentionally produce benefits for society as a whole.
from Coined by Adam Smith, who used the phrase a few scattered times in his writing — most famously in 'The Wealth of Nations' (1776) — to describe how individual self-interest, channeled through competition and exchange, can coordinate economic activity as if some unseen force were guiding it toward the public good. Smith never meant it as a grand universal law; later economists inflated it into the celebrated shorthand for free-market self-regulation it is today.
- coined by
- Adam Smith, mentioned almost in passing
- appears in
- Wealth of Nations, just once, barely
- mechanism
- self-interest accidentally produces social benefit
- misused as
- excuse for zero regulation ever