Economist Behind the Invisible Hand Concept
The concept of the "invisible hand" guiding market forces towards equilibrium was famously introduced by the economist Adam Smith.
In his seminal work, The Wealth of Nations (1776), Smith described how individual self-interest, operating within a free market, unintentionally promotes the broader economic well-being of society. This mechanism, the "invisible hand," suggests that without central planning, the pursuit of personal gain by producers and consumers leads to the efficient allocation of resources and the achievement of market equilibrium – where supply meets demand.
Therefore, Adam Smith is the economist credited with articulating this influential idea.
Important Questions from Miscellaneous
- Which of the following scheduler/schedulers is/are also called CPU scheduler ?
(A). Short Term Scheduler
(B). Long Term Scheduler
(C). Medium Term Scheduler
(D). Asymmetric Scheduler
Choose the correct answer from the options given below: - A situation where two or more processes are blocked, waiting for resources held by each other is called:
- External fragmentation occurs ________.
- Which disk scheduling algorithm looks for the track closest to the current head position?
- Which CPU scheduling algorithm prefers the process with the shortest burst time?
