I have come to learn that and I never really thought about it until the book mentioned that. And where the authors talk about reducing transaction cost to increase production or output it explains why a store like Wal-Mart would be moving towards self checkout lines versus having a real person there as a cashier to lower labor costs to help the company stay competitive... displayed 300 characters
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Adam Smith's "Invisible Hand" theory.) it is still the very important in the world of economics. Without Smith's idea of economics our economy would cease to exist today. I see people every day that make me wonder how we are even a stable country anymore. Like for example, I have had many jobs in the past and anytime a customer comes up to me complaining about an item being too expensive I wish I could just tell them "Why don't you go back to college and take economics then come back and see me and let's see if you complain then!" Of course I could never say something like that because customers are always right when it comes to the workforce, but I do feel that strongly about it and I really wish more people were so ignorant... displayed 300 characters
