The Market as a Social Institution

What is meant by the phrase 'invisible hand'? - Wired Faculty

Question

What is meant by the phrase 'invisible hand'?

Solution

It refers to some sort of an unseen force at work that converts what is good for each individual into what is good for society. Interest of society is looked after automatically when individual interest is looked after maintaining judiciously. E.g. Sanitation in and around one's own home, protects ipso-facto the whole colony from mosquito-bite and malaria.

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What is meant by the phrase 'invisible hand'?

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The Market As A Social Institution

What is meant by the phrase 'invisible hand'?

Some More Questions From The Market as a Social Institution Chapter

What is a status symbol?

What are some of the processes included under the label globalisation?

What is meant by liberalisation?

In your opinion will the long term benefits of liberalisation exceed its costs? Give reasons for your answer.

How can you state that markets are nothing else but a kind of social organisation?

What is kinship? Discuss the functions of kinship in Indian society.

Discuss the positive and the negative impacts of globalisation.

Discuss the emergence of new market during colonial India.

How is capitalism a social system pushed in the alley of commodification?

What is commodification or commoditisation? Explain.

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