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Invisible Hand in the Vietnamese Context

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Submitted By thuyhong42
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Pages 14
Invisible Hand in the Vietnamese context
Introduction
Adam Smith is an infamous political economist in the UK and around the world. He has many valuable arguments among which this essay will refer to the theory of "invisible hand" which was coined in The Wealth of Nations. The invisible hand is essentially a natural phenomenon that guides free markets and capitalism through competition for scarce resources by maintaining equilibrium between the supply and demand of resources. Also, as market participants compete, driven by their own needs and wants, they involuntarily benefit society at large without the help of goverment. This essay will examine the core theoretical ideas behind Adam Smith’s invisible hand theory, focusing on the negative aspects, and show that the negative aspects are more prominent when applied to the article ‘Power trader accused of abusing monopoly position’
Understanding of theory
Adam Smith's invisible hand theory sets the foundation for laissez-faire economic philosophy, which describe the self-regulating behavior and minimize the role of government intervention and taxation in the free markets .Smith argued the most crucial variable in the market is the price and its functions is providing information telling people what to do and presenting incentive for them to act on this information. Both companies and workers are guided, as if by an invisible hand, to produce the goods and services that are most desired by consumers, which occurs when all of them are only pursuing their own self-interest. In his famous publication The Wealth of Nations, Smith makes the following statement: "It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest." Yet, in trying to maximize their own profits or wages, people are guided to produce the right goods and services even…...

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