Invisible Hand
The "Invisible Hand" is a concept introduced by the economist Adam Smith in his book, "The Wealth of Nations." It describes the self-regulating nature of a free market, where individuals pursuing their own interests inadvertently contribute to the overall economic well-being of society. When people seek to maximize their own profits, they often create goods and services that others need, leading to a more efficient allocation of resources.
This idea suggests that when individuals act in their own self-interest, they can unintentionally benefit others. For example, a business owner who wants to make money will produce quality products at competitive prices, which helps consumers and stimulates economic growth.