Adam Smith's Argument That the "Invisible Hand" of the Free

question 127

True/False

Adam Smith's argument that the "invisible hand" of the free market directed economic life more effectively and fairly than governmental intervention offered intellectual justification for those who believed that the economy should be left to regulate itself.

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Definitions:

Production Line

A manufacturing process in which parts or ingredients are added in sequence until the final product is assembled.

Kaoru Ishikawa

A prominent Japanese organizational theorist known for his contributions to quality management, including the development of the Ishikawa or fishbone diagram.

Fishbone Diagram

A visual tool used for identifying the root causes of a problem, named for its resemblance to a fish's skeleton.

Problem-Solving Tool

A method, technique, or device that assists in identifying solutions to specific issues or challenges.