Who is known for the concept of the "invisible hand" of the marketplace?

The concept of the "invisible hand" of the marketplace is attributed to Adam Smith, an influential economist and philosopher, most notably recognized for his work "The Wealth of Nations." In this work, Smith describes the self-regulating nature of the marketplace where individuals pursuing their self-interest unintentionally benefit society as a whole. The "invisible hand" metaphor illustrates how, in a free market economy, personal decision-making can lead to positive outcomes for the community, as if guided by an unseen force.

This idea emphasizes the importance of free markets and competition in promoting economic growth and efficiency. Smith's insights laid the foundational principles for modern economics, advocating that minimal government intervention allows for optimal resource allocation as individuals and businesses respond to supply and demand dynamics. This theory remains central to capitalist economic thought and discussions regarding economic policies today.