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About: Visible hand (economics)     Goto   Sponge   NotDistinct   Permalink

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The "visible hand" is an economic concept describes the replacement of the regulatory function of the market mechanism by government intervention. Simply put, it refers to government intervention. In economics, the "visible hand" is generally considered to be the macro-fiscal policy of John Keynes that emerged in the 1930s as a remedy for the shortcomings of Adam Smith's "invisible hand" and advocated government intervention in the economy. Actually, Smith already identified the disadvantages of the "invisible hand". Since then, economists have been building on his insights to explain when and why markets get into trouble and how the visible hand of the government can enable the invisible hand to be more effective.