Srinagar, Aug. 5 -- Few metaphors in the history of economic thought have gained as much traction-and misunderstanding-as Adam Smith's "invisible hand." Introduced in the 18th century in The Wealth of Nations (1776), the term has become a popular symbol of self-regulating markets, individual freedom, and capitalist efficiency. However, a close reading of Smith's writings and a review of the intellectual context in which he wrote reveals that the "invisible hand" was not a sweeping doctrine of laissez-faire capitalism but a nuanced idea rooted in moral philosophy. This article revisits Adam Smith's "invisible hand," unpacks its origins and implications, and explores how it has been interpreted, appropriated, and sometimes misused in modern...
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