The Invisible Hand - 60 Second Adventures in Economics (1/6)

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1. Dude in the middle at 0:47 looks undeniably like Jimmy Carr
2. It says tell us what you think - I think that was absolutely epic. So helpful. Thankyou!!!!
3. lol that wasn't even a good explanation
4. Thank you David Mitchell!
5. It's called the invisible hand because just like god it truly is so invisible, that noone has ever measured it in the real world. Like god it doesn't exist and is nothing but a dogmatic, immature, unscientific belief.
   
   I can't believe, that they still teach this nonsense to the general public.
6. Correction: The invisible hand is always misquoted and does not appear in this context in "The Wealth of Nations". It is an interpretation by economists who came after Smith.
   
   In 1776 Adam Smith published "The Wealth of Nations". In this book the invisible hand is only mentioned in the context that private persons preferred the home trade to the foreign trade - And this is ultimately good for a nation.
   
   In 1759 he published "The Theory of Moral Sentiments" in which the invisible hand guides participants in a fully unregulated economy to do good for society. Quote: "The rich...are led by an invisible hand to make nearly the same distribution of the necessaries of life, which would have been made, had the earth been divided into equal portions among all its inhabitants, and thus without intending it, without knowing it, advance the interest of the society".
7. David Mitchell?
8. Poverty of the Gilded age was a perfect example of governmentless Libertarian Adam Smith approach.
9. You thought that last quip was fair, but it is actually bias.
10. thank u
11. This is not what Invisible Hand is. What Smith discover and what Invisible Hand really is that from selfish interest of one benefit whole society.
12. awsome!!
13. this dumb (in a good way) & short video helped me with my microeconomics class. Thanks!
14. This helped me pass World History. Thank you.
15. I think the video should contain Adam Smith's definition of the invisible hand.
16. The Economy is a tricky thing to control, and the government desperately tries to control it.
    
    In 1776 the economist Adam Smith proved everyone wrong, he believed people should just buy and sell freely among themselves he thought if businesses worked along side eachother then the consumer would go to where-ever they thought they would get the products.
    
    Kind of like an invisible hand
    Businesses would have to lower their prices or deal out something better in order to keep their loyalty with their consmers
    
    Austrian Economist Frederic Hiyak Agreed that this amount of freewill worked better then any other plan.
    
    The problem is economies can take a long time to reach their equilibrium, and so people can get quite frustrated which is why the goverment with their visible hands end up taking over the economy again.
17. This gave me Ebola
18. Very cool and funny. That is truly what is happening. The Great Depression was proof that the Invisible Hand might take too long to correct markets, if it could at all, and thus government intervention was called for.
19. please help me .. I have a Debate with this TOPIC .. Does Invisible Hand Exist? ... my problem is I don't know yet if I'm in a Pro side or in an Anti side ... :/ I really can't understand what invisible hand is and how it is related to economy..
20. :) nice video