In: Economics
Adam Smith’s basic claim was : “The free market system is like an
invisible hand that...
Adam Smith’s basic claim was : “The free market system is like an
invisible hand that can obtrusively coordinate the behaviour of a
multitude of individuals, interested only in maximizing their own
selfish utility, so as to bring about efficiency and a socially
optimal outcome.” Critically evaluating the concept of economic
efficiency, discuss the above statement.