I Like Quotes That Make You Think

@TeresaRudolph71 [Cierzo]the problem is with Churchill's metaphor. Actually the free market is made up of the decisions and actions of many people acting in their own interests, the Invisible Hand Adam Smith identified as leading to the general welfare.

@laotzu92 True, that is what makes up the free market. And sometimes, when employers act only in their own interests and ignore the needs of their employees, things can get ugly.

But then, employees can act in their own best interests by finding other places to work. And customers can act in their own best interests by choosing the company that serves them best, by offering the best prices and the best value and provides the best service. And, unless there's a monopoly, or companies get together and agree to all charge high prices and/or treat their employees and customers horribly, companies will ultimately feel the financial pressure that results when their customers shop around for the best deal, and their employees start looking for better jobs. That's how the free market is supposed to work. Of course it has its problems, but those problems tend to get worse when the government interferes.

There may be exceptions. For example, if a company is endangering the life or health of their employees or customers, then the government may need to get involved, or someone may need to call a lawyer. But generally the free market works pretty well, when it's allowed to work like it's supposed to.

I've never heard of this Invisible Hand that you speak of.

@TeresaRudolph71 Like my namesake, I am happy to be the instrument of enlightenment for You. In economics, the invisible hand is a metaphor used by Adam Smith to describe unintended social benefits resulting from individual actions. The phrase is employed by Smith with respect to income distribution (1759) and production (1776). See the Wikipedia article.