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Essay / Research Paper Abstract
This 10-page paper discusses Adam Smith's "invisible hand" theory, and whether it's applicable to today's economy. Bibliography lists 6 sources.
Page Count:
10 pages (~225 words per page)
File: D0_MTinvihand.rtf
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Unformatted sample text from the term paper:
his concept of free markets and the invisible hand. Though Smith introduced the concept in the late 1700s, today, in the early 2000s, it still resonates among many economists and
capitalists as the quintessential idea and the best way to consider the market. In the United States, the concept of free market is meant to believe less government regulation, and
letting the market determine what type of supply or demand should be out there. Its this way of thinking that led
to a whole host of deregulations during the 1990s and 2000s, deregulation of everything from financial institutions to manufacturing. The neoconservatives embracing the Adam Smith theory like to see more
business and less governmental intrusion. Letting the markets sort things out, they point out, will ensure that things are right in the end.
But is this really true? Does Adam Smiths invisible hand theory hold water in this day and age? Can the markets regulate themselves and can individuals be trusted to
make the best decisions? The contention in this paper is that, while the idea of an invisible hand is a very nice theory, in reality, it has caused some terrible
problems with the economy, partly because of misunderstanding Smiths theories, and partly because Smith introduced his theories in a vastly different world from the one in which we live and
work and spend money today. What, Exactly, Is the "Invisible Hand?" In his famous 18th century treatise "Wealth of Nations," Adam
Smith revealed his somewhat idealistic view of both capital markets and human nature. Smith, a very religious man at heart, believed that free-market capitalism was driven by a natural force,
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