I find it unfortunate that the "invisible hand" is somehow seen as a real force of nature. It's a spooky, ideological term that implies some kind of simple generality describing a system that is everything but simple. Additionally it is used as a bad excuse for exploitative, oppressive or otherwise shitty behavior - which is ironic, because that is exactly the thing that is claimed _not_ to happen by definition.
There are real firms in highly competitive markets that have been doing well for decades or even more than a hundred years without putting the profit motive above everything else, but have favored long term stability, cooperation, servicing customers, respecting workers and so on.
There are real firms in highly competitive markets that have been doing well for decades or even more than a hundred years without putting the profit motive above everything else, but have favored long term stability, cooperation, servicing customers, respecting workers and so on.
reply