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The Invisible Hand

14 minutes 36 seconds

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Over 200 years ago, a Scottish philosopher named Adam Smith came up with revolutionary ideas about interactions between a buyer and seller in a free enterprise system. He coined the term "invisible hand" to describe the unintended social benefits of voluntary interaction between a buyer and seller in the marketplace. Scholar Johan Norberg visits a bakery in Scotland to witness how supply and demand set prices. He also discusses how the principles of eBay show that economic systems can self-regulate when based on trust and the reputation of sellers.

Media Details

Runtime: 14 minutes 36 seconds

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