Thomas S. Nesslein
Abstract
In The Wealth of Nations (1776), Adam Smith presented the basic case for the comparative efficiency of a capitalist market economy. According to Smith, within a competitive economy, an invisible hand turns self-interest toward the common good. The modern counterpart of Adam Smith&s;s invisible hand conjecture is the so-called Fundamental Theorem of Normative Economics .
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In The Wealth of Nations (1776), Adam Smith presented the basic case for the comparative efficiency of a capitalist market economy. According to Smith, within a competitive economy, an invisible hand turns self-interest toward the common good. The modern counterpart of Adam Smith&s;s invisible hand conjecture is the so-called Fundamental Theorem of Normative Economics .
Key concepts: Computer science