Definitions
from The American Heritage® Dictionary of the English Language, 5th Edition.
- noun An economic principle, first postulated by Adam Smith, holding that the greatest benefit to a society is brought about by individuals acting freely in a competitive marketplace in the pursuit of their own self-interest.
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun economics A
metaphor for the principle that in afree market , anindividual pursuing his ownself-interest also tends to promote the good of hiscommunity as a whole.
Etymologies
from Wiktionary, Creative Commons Attribution/Share-Alike License
Coined by Adam Smith in The Wealth of Nations. Influenced by and echoing earlier use as "the hand of God". See Etymology citations
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Examples
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