The invisible hand - Economics Help
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The invisible hand - Economics Help
The invisible hand is a concept that - even without any observable intervention - free markets will determine an equilibrium in the supply and demand for goods. The invisible hand means that by following their self-interest - consumers and firms can create an efficient allocation of resources for the whole…
Sep 5, 2012
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The invisible hand of the free market does not seem to have worked very well for the steel sector. Are we surprised that a steel industry that refuses to adapt its production to modern requirements fails to compete in the globalised market? First European countries chose to - or were forced to - sell off all public companies to the private sector, and then we are shocked that businesses are driven by profit and not the collective good? Not only did we give to private companies all our strategic
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