60 Second Adventures in Economics 1. The Invisible Hand 60 second adventures in Economics - Number one: The Invisible Hand
An economy is a tricky thing to control, and governments are always trying to figure out how to do it.
Back in 1776 economist Adam Smith shocked everyone by saying that what governments should actually do is just leave people alone to buy and sell freely among themselves.
He suggested that if they just leave self-interested traders to compete with one another, markets are guided to positive outcomes 'as if by an invisible hand'.
If someone charges less than you - customers will buy from them instead – so you have to lower the price or offer something better.
Wherever enough people demand something, they will be supplied by the market – like spoiled children – only in this case, everyoneʼs happy.
Later free-marketeers like Austrian economist Friedrich Hayek, argued that this ʻhands offʼ approach actually works better than any kind of central plan.
But the problem is, economies can take a long time to reach their ʻequilibriumʼ, and may even stall along the way. And in the meantime people can get a little frustrated, which is why governments usually end up taking things into their own more visible hands instead.

3 Question Plz Help Me.

According to Adam Smith - should the government be involved in stimulating the economy?

how does the invisible hand keep the market (the economy) running effectively?

why or when does the government get involved in stimulating the economy?

Ineed to have answers for numbers 2-4 reply to this question

Where did benjamin franklin travel to to seek aid for the colonists during the revolutionary war

What two arguments is franklin d. roosevelt making in this excerpt from his "four freedoms" speech? four freedoms by franklin d. roosevelt (excerpt) it is true that prior to 1914 the united states often had been disturbed by events in other continents. we had even engaged in two wars with european nations and in a number of undeclared wars in the west indies, in the mediterranean and in the pacific for the maintenance of american rights and for the principles of peaceful commerce. but in no case had a serious threat been raised against our national safety or our continued independence. what i seek to convey is the historic truth that the united states as a nation has at all times maintained clear, definite opposition, to any attempt to lock us in behind an ancient chinese wall while the procession of civilization went past. today, thinking of our children and of their children, we oppose enforced isolation for ourselves or for any other part of the americas. that determination of ours, extending over all these years, was proved, for example, during the quarter century of wars following the french revolution. while the napoleonic struggles did threaten interests of the united states because of the french foothold in the west indies and in louisiana, and while we engaged in the war of 1812 to vindicate our right to peaceful trade, it is nevertheless clear that neither france nor great britain, nor any other nation, was aiming at domination of the whole world. a) americans should hold on to their isolationist tendencies as long as their own interests are not under threat. b) americans have always fought to uphold human rights and correct injustices against them. c) americans have always been peaceful but should be willing to go to war to defend their allies. d) americans should go to war to protect their allies against the germans and assert their world domination. e) americans should continue to maintain their freedom even in the face of world domination.