"In fact, a visible hand that does things like ... However, one could argue that the invisible hand doesn't always lead to optimal efficiency. For example, monopolies can happen through events ...

It has long been believed that the ideal functioning of a competitive free market system will always lead to efficient ...

Adam Smith labeled the machine the “invisible hand.” In The Wealth of Nations ... Economists call such empirical regularities “stylized facts.” Given the complexity of the economy, each stylized fact ...

But we would all be better off if Adam Smith had skipped the bit about “the invisible hand.” He meant little, if anything, by it—he used the term only once in the entire two volumes of The Wealth of ...