The Coordination of Economic Activity

David Simpson

Chapter 8 in Rethinking Economic Behaviour, 2000, pp 95-101 from Palgrave Macmillan

Abstract: Abstract ‘By directing that industry in such a manner as its pro- duce may be of the greatest value, he 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.’

Keywords: Market Economy; Entrepreneurial Activity; Equilibrium Theory; Breakfast Cereal; Invisible Hand (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51355-6_8

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DOI: 10.1057/9780230513556_8

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