The term “invisible hand” is a metaphor coined by Adam Smith to describe unintended social benefits resulting from individual actions. The term first appeared in Smith’s Theory of Moral Sentiments, written in 1759. You can read the Theory of Moral Sentiments online here, or check out Learn Liberty’s video on the topic below:
Did you know? Rose Wilder Lane, daughter of Little House on the Prairie author Laura Ingalls Wilder, was sympathetic to communism until a Red Cross mission to Russia, that would later influence her to become a libertarian? This article from the Foundation for Economic Education explains her disillusionment with communism: “Lane visited the Soviet Union […]
Jimmy Wales, founder of Wikipedia, was influenced Friedrich Hayek’s essay, “The Use of Knowledge in Society” which argues that information is decentralized. You know it’s true, because it says so on Wikipedia, but if you’re looking for other sources, it’s corroborated by this New Yorker article, and Wales even went on EconTalk with Russ Roberts […]
Did you know Frederick Douglass took his name from the hero of Sir Walter Scott’s epic poem, The Lady of the Lake, the leader of the Scottish clan Douglas? Born Frederick Augustus Washington Bailey, Frederick changed his last name to Johnson to avoid being discovered and returned to slavery, then later changed his last name […]
Did you know that Milton Friedman won the Nobel Memorial Prize in Economics in 1976?
Did you know that American anarchist, abolitionist, and lawyer Lysander Spooner started the American Letter Mail Company in 1844? It succeeded in delivering mail for lower prices, but the U.S. Government challenged Spooner with legal measures, eventually forcing him to cease operations in 1851.