History of science
The above "history of economics" reflects modern economic textbooks and this means that the last stage of a science is represented as the culmination of its history (Kuhn, 1962). The "invisible hand" mentioned in a lost page in the middle of a chapter in the middle of the to "Wealth of Nations", 1776, advances as Smith's central message.[clarification needed] It is played down that this "invisible hand" acts only "frequently" and that it is "no part of his [the individual's] intentions" because competition leads to lower prices by imitating "his" invention. That this "invisible hand" prefers "the support of domestic to foreign industry" is cleansed--often without indication that part of the citation is truncated. The opening passage of the "Wealth" containing Smith's message is never mentioned as it cannot be integrated into modern theory: "Wealth" depends on the division of labour which changes with market volume and on the proportion of productive to Unproductive labor.
What happens in a market when there is competition?
lower prices
[clarification needed] It is played down that this "invisible hand" acts only "frequently" and that it is "no part of his [the individual's] intentions" because competition leads to lower prices by imitating "his" invention.
competition