Which of the following concepts is more frequently associated with Adam Smith and his 1776 magnum opus "An Inquiry into the Nature and Causes of the Wealth of Nations"? Group of answer choices The Theory of General Relativity The Grand Unified Theory. The Theory of the Welfare State. The Tragedy of the Commons. The Invisible Hand Theory.

Question

Kole

Social Studies

19 May, 21:57

Which of the following concepts is more frequently associated with Adam Smith and his 1776 magnum opus "An Inquiry into the Nature and Causes of the Wealth of Nations"? Group of answer choices The Theory of General Relativity The Grand Unified Theory. The Theory of the Welfare State. The Tragedy of the Commons. The Invisible Hand Theory.

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Madilyn Henderson · Answer 1

The Invisible Hand Theory

Explanation:

The invisible hand theory under Adams Smith's An inquiry into the Nature and the Causes of the Wealth of Nations explains the role of self interest (however unintended) in shaping the common good of the economy. It was a metaphor to describe the forces of the free market economy that allows individuals the freedom to control the market and own means of production.