Question

What is meant by the phrase 'invisible hand'?

Solution

According to the Adam Smith, The 'invisible hand' is an unseen force at work that converts what is good for each individual into what is good for society.

Some More Questions From The Market as a Social Institution Chapter

How does a sociological prospective on markets differ from an economic one?

In what ways is a market-such as a weekly market a social institution.

How many caste and kin networks contribute to the success of a business?

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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

How does a sociological prospective on markets differ from an economic one?

In what ways is a market-such as a weekly market a social institution.

How many caste and kin networks contribute to the success of a business?

In what ways did the Indian economy change after the coming of colonialism?

Explain the meaning of commoditisation with the help of examples.

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?

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