Equilibrium, Optimum and Prejudices in Capital Markets

Karl Borch

Journal of Financial and Quantitative Analysis, 1969, vol. 4, issue 1, 1-14

Abstract: One of the most important concepts in economic theory is the “invisible hand,” introduced by Adam Smith in the following terms:Every individual intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end, which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it.

Date: 1969
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