The concept of the invisible hand is often credited to economist Adam Smith, as the term appeared in his 1759 work, "The Theory of Moral Sentiments," and again in "The Wealth of Nations" in 1776.

As Smith wrote, “It is not from the benevolence of the Butcher, the Brewer or the Baker that we expect our dinner, but from their regard to their own interest.” So Happy 300th birthday, Adam.

Adam Smith's invisible hand has its roots in the reciprocity system of our nomadic hunter-gatherer ancestors. The potlatch is a step away from reciprocity for wealthy foragers, giving things away ...

Unlike the reciprocity system, Smith’s “invisible hand” does not provide a safety net for individuals who are in need or in trouble. If their boat doesn’t float in the modern economy, too bad.

Adam Smith's invisible hand has its roots in the reciprocity system of our nomadic hunter-gatherer ancestors. The potlatch is a step away from reciprocity for wealthy foragers, giving things away ...