Explain What Adam Smith Meant When He Said That the Market

question 259

Essay

Explain what Adam Smith meant when he said that the market operates as if "an invisible hand" is guiding the process.

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Definitions:

Procedural Justice

The fairness and transparency in the processes that lead to outcomes or decisions, influencing perceptions of fairness in organizational and legal settings.

Distributive Justice

The perceived fairness in the allocation of resources or rewards within an organization or society.

Interactional Justice

The perceived fairness and respect with which individuals are treated within interpersonal interactions in the workplace.

Capitalistic Economic Society

A Capitalistic Economic Society operates on the principles of free markets where businesses are privately owned, and the production and distribution of goods are driven by supply and demand.