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INVISIBLE HAND OF THE MARKET
A phrase associated with the great classical economist Adam Smith (1723-1790) referring to the self-regulating capacity of free markets. Free markets, through the mechanism of supply and demand, are assumed to provide the optimal allocation of scarce economic resources to alternate uses without the need for any conscious direction or control. See: MARKET ECONOMY / .

Last updated 2002--0-9-

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Athabaca University ICAAP

© Robert Drislane, Ph.D. and Gary Parkinson, Ph.D.
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