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Mutual gains from trade: did Smith come up with the idea or did Menger?

The concept of gains from trade did already existed in Smith. Blinder mentions that in the EconLib as well. You can also directly read it in the Wealth of Nations by Smith: It is the maxim of every ...
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1 vote

What are the consequences of the invisible hand?

Q: I would like to know if the consequence I have derived is valid, and also if there are other consequences of this metaphor at work in a market economy. I'm looking mostly for informal insights. The ...
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2 votes

What are the consequences of the invisible hand?

Smith’s invisible hand concept is not related to the idea of comparing an economic system, as capitalism for instance, to other possible economic systems. But it is an image that has become famous as ...
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