Free markets are powerful and efficient at organizing economic activitydirecting innovation and effort to maximize economic benefits. Adam Smith coined the term "invisible hand" in the 1770s to describe the amazing ability of markets to guide the decisions of self-interested people to serve the needs of others.

• What types of evil slip through the self-regulation of markets? Government enforcement of property rights and contracts? How does evil elude these restraints? What can be done?

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Answer The concept of the invisible hand and the selfregulation of free markets has some limitations when it comes to addressing certain types of econ... View the full answer