Opinion

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...

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