Commentary
Adam Smith’s “invisible hand” is certainly the most wondrous, astounding, and marvelous concept in all of economics, and there are quite a few doozies in the dismal science. I go further than that. The invisible hand ranks as high or higher, in terms of pure beauty, than even the smile of a baby, the music of Mozart, or the most beautiful sunset that ever took place. In terms of what it means for our potential prosperity, it has no upper bounds whatsoever.
Frédéric Bastiat perched himself on the top of the Eifel Tower, looked down at the people scurrying around far down below him, and marveled at the fact that Paris got fed without any central direction at all. This was the invisible hand (that is, free enterprise) at work; you can’t see this “hand,” but you can discern its effects….