The Invisible Hand | Chapter 7, Book 1
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5 жыл бұрынThis video covers Chapter 7 - 'Of the Natural and Market Price of Commodities' of The Wealth of Nations Book 1 by Adam Smith. In this chapter, Adam Smith introduces the concept of the Invisible Hand and explains, how supply and demand set prices.
pages summarized: 10
@MereMortalsBookReviews 4 жыл бұрын
Nice and simple explanation for supply and demand. Good review!
@alanmacgillivray8286 4 жыл бұрын
Thanks for posting this. Question, just read chapter 7 - the term 'invisible hand' is not used once in this chapter??
@hiranyagupta6954 2 жыл бұрын
Yeah, invisible hand isn't mentioned in this chapter?
@pedalingpetes2575 4 жыл бұрын
Is there any point in which Adam Smith actually talks about monopolies? Or is that your opinion?
@hiranyagupta6954 2 жыл бұрын
He does! Adam Smith very clearly talks about supply and demand in case of monopolies, free markets and markets which have restricted number of sellers.
@hiranyagupta6954 2 жыл бұрын
Was Smith really the first one to talk about supply and demand as forces that determine market price?
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