The term "invisible hand" refers
the theory that corporate taxes are ultimately borne
by the consumer.
the suspicion that special interest
groups rob the public till.
Adam Smith's theory of how monopolies
the role of agricultural workers in an
the possibility that unregulated
pursuit of self-interest contributes to the general
welfare of society.
When oil prices rise sharply because of
political instability, some politicians will propose that
the government help people by preventing price gouging.
Most economists will:
support these proposals because price
gouging serves no useful purpose but it does hurt the
oppose these proposals because higher
prices get consumers to use less oil and sellers to
produce more oil
oppose these proposals because they do
not believe the government should interfere with
take no stand because the issue is not
one of positive economics but is purely