Describe the case of adam smith

Reference no: EM131482873

Question: Adam Smith, in his famous book The Wealth of Nations, noted, "Every individual neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention." What was he describing and what did it do?

Reference no: EM131482873

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