When the hand on the economic rudder trembles

31 January 2021 - 00:00 By Makhudu Sefara

In The Theory of Moral Sentiments, philosopher and economist Adam Smith coins a phrase, "the invisible hand", to describe the unintended, but welcome, economic benefits that accrue to society from an individual's pursuit of self-interest.

When an entrepreneur sets up a firm and pursues maximisation of profits, as all business people do, society derives some benefit, even if this is unknown to or misunderstood by the entrepreneur...

This article is reserved for Sunday Times subscribers.

A subscription gives you full digital access to all Sunday Times content.

Already subscribed? Simply sign in below.

Registered on the BusinessLIVE, Business Day or Financial Mail websites? Sign in with the same details.

Questions or problems? Email helpdesk@timeslive.co.za or call 0860 52 52 00.