Answer to Question #242307 in Macroeconomics for varoujan

Question

What is the invisible hand doctrine and why is it important for laissez-faire capitalism? How are the British Industrial Revolution and the U.S. industrial boom similar?

Answer 1

The Invisible Hand is an economic concept describing the unintended greater social benefits and public good brought by individuals self-interests act.The concept is important in laissez-faire capitalism since it holds that the market will find equilibrium with no interventions forcing it into unnatural patterns. 

U.S. industrial boom is an advancement of British Industrial Revolution.