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Explain Adam Smith’s notion of a laissez faire market and why he thinks it inevitably leads,...

Explain Adam Smith’s notion of a laissez faire market and why he thinks it inevitably leads, by means of the invisible hand, to the maximization of social welfare. Be sure also to explain precisely what he means by the invisible hand and the other important concepts of this theory: supply, demand, fair competition and market distortions.

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Rahul Sunny answered 2 years ago
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