THE ONE MUST-READ POST

Adam Smith’s invisible hand has pretty much influenced entrepreneurial and corporate thinking. The most common interpretation of the invisible hand is: in pursuing self-interest, individuals promote the common good; a free and democratic market is best for business and the economy. The common interpretation, however, ignores or has forgotten that Adam Smith also posited that there should be strong moral norms underlying the effective and efficient workings of the invisible hand. Without strong moral norms in individuals, societies and nations, the invisible hand leads to poverty and unequal distribution of wealth, big business taking advantage of …read more