What is the invisible hand theory

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Read Chris Tilly, “Shaking the Invisible Hand” (Real World Micro, article 1.2). What is the “Invisible Hand” theory? What are the political implications? List some of the assumptions made by economists who believe in the “invisible hand” and oppose government interference. Why do economists make assumptions like these? Which of these assumptions do you find credible, which do you think are not valid? Which assumptions do you think matter in the sense that if they are not valid then people should reconsider the theory?

Reference no: EM131005093

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