Question
How do the sociologists interpret the phrase 'the invisible hand' coined by Adam Smith, the fountain-head of contemporary economic thought?
Solution
Sociologists interpret that phrase in the sense of being buyers and sellers part of society with an appropriate hierarchy and system; series of individual exchanges or trasactions automatically create a functioning and ordered system. Each person looks only to his own self interest but in the pursuance of this self-interest, society interests appear to be looked after in an automatic way.
