Economic and Policy Supply Chain: The Non-Invisible Hand [Plus+]

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Adam Smith is famous for coining the phrase the “invisible hand” to suggest the collective transparent forces of a market that work together as a whole based on the self-interest of participating members. While Smith used the phrase only a handful of times in his writing, the term has become synonymous with the famous theorist. We can leave the economic theory and philosophizing for another day. The concept itself, however, is clearly valuable: much of what occupies the daily toils of the typical procurement or supply chain manager is directly tied to the broader trade of goods, services and ideas, and ultimately, the pursuit of profit and returns based on the collective set of activities. But what’s also equally important to consider is the “non-invisible hand” and how it affects our priorities and overall goals.

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