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What is Meant by the Phrase ‘Invisible Hand’? - Sociology

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Short Note

What is meant by the phrase ‘invisible hand’?

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Solution

According to Adam Smith, every person looks for his own self-interest and in pursuit of this in-tum works for the self-interest of all. In this sense, there seems to be an unseen force at work that converts what is good for each individual into what is good for society. This unseen force was called the 'invisible hand’.

Concept: Sociological Perspectives on Markets and the Economy
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APPEARS IN

NCERT Class 12 Sociology - Indian Society
Chapter 4 The Market as a Social Institution
Exercise | Q 1 | Page 79
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