Invisible Hand *Self-interest can promote the common good!!

Adam Smith Father of modern economics An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Adam Smith believed…. That if society was set up correctly, people chasing after their individual happiness would provide for other people’s happiness as well

Adam Smith said… “It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from the regard to their own interest.”

Smith also said… “…led by an invisible hand to promote an end which was not part his intention.”

Constraints Resource constraints Technology constraints Time constraints