1. The Enlightenment: An Era of Optimism
... perceived people as selfish who only worked harder and produced more when given an incentive. He is also responsible for the creation of the economics metaphor of "the invisible hand" used to describe unintended social benefits that can come from individual actions. After analyzing the mercantilist policies of importing precious metals while exporting goods during the 1600 ... to the conclusion that getting rid of mercantilist monopolies and restrictions would give people more incentive to produce more product. Smith is also responsible for the development of the invisible hand metaphor...
- Word Count: 1343
- Approx Pages: 5
- Grade Level: Undergraduate