Invisible hand from Yumonomics
Where's the Beef? The invisible hand has it!
The Market Economy
SS.912.E.2.1 Identify and explain broad economic goals.
SS.912.E.2.2 Use a decision-making model to analyze a public policy issue affecting the student's community that incorporates defining a problem, analyzing the potential consequences, and considering the alternatives.
Students will read/view a variety of multimedia texts about the Invisible Hand. Using the writing organizers (Argument Writing Graphic Organizer for arguments or Essay Map or Compare and Contrast for explanatory writing) students organize their evidence to answer the writing prompts of your choice:
Explanatory Writing Prompts: "After reading and viewing the various sources, explain the concept of the Invisible Hand as it relates to your favorite food."
"Consider your interpretation of Invisible Hand based on the primary source from Adam Smith. Now consider the way in which the articles/videos used the term. Discuss their views and compare them to your interpretation."
Argumentative Writing Prompt: "After reading and viewing the various sources about the Invisible Hand, discuss your position on the Free Market vs. government intervention."
Materials for the Lesson:
SS.912.E.2.1 Identify and explain broad economic goals.
SS.912.E.2.2 Use a decision-making model to analyze a public policy issue affecting the student's community that incorporates defining a problem, analyzing the potential consequences, and considering the alternatives.
Students will read/view a variety of multimedia texts about the Invisible Hand. Using the writing organizers (Argument Writing Graphic Organizer for arguments or Essay Map or Compare and Contrast for explanatory writing) students organize their evidence to answer the writing prompts of your choice:
Explanatory Writing Prompts: "After reading and viewing the various sources, explain the concept of the Invisible Hand as it relates to your favorite food."
"Consider your interpretation of Invisible Hand based on the primary source from Adam Smith. Now consider the way in which the articles/videos used the term. Discuss their views and compare them to your interpretation."
Argumentative Writing Prompt: "After reading and viewing the various sources about the Invisible Hand, discuss your position on the Free Market vs. government intervention."
Materials for the Lesson:
- Adam Smith Invisible Hand Quote (full text from Project Gutenburg)
- Video clip 1: John Stossel
- Video clip 2: 60 Seconds in Economics
- Writing Organizers: Argument Writing and Essay Map
- New York Times: The Invisible Hand, Trumped by Darwin?
- Economist: A Little Help from the Invisible Hand
- Writing Rubric from Home page
- Adam Smith Invisible Hand:
- "As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it."
1) Using the Adam Smith Invisible Hand quote, ask students the following questions and discuss as a class. Students record notes.
- “This is a much-cited passage from The Wealth of Nations, in which Adam Smith discusses the ‘the Invisible Hand.’What is this Invisible Hand, as described by Adam Smith? Cite evidence from the text to support your conclusions.” (LAFS.1112.RH.1.1: Read Closely and Cite Evidence)
- "What is the central idea of the quote from Adam Smith? What are key details that Adam Smith discussed as integral components of the Invisible Hand?" (LAFS.1112.RH.1.2: Main idea, supporting details, summary).
- “Define the meaning of ‘the Invisible Hand’ by using context clues in the passage. Why did Adam Smith use this powerful phrase?” (LAFS.1112.RH.2.4: Key Disciplinary Concepts and Academic Vocabulary).
- “According to Adam Smith what happens when individuals pursue their own self interest? How does this benefit others?” (LAFS.1112.RH.1.3: Inferences based on evidence).
2) View the two video clips.
“After viewing the two videos, discuss how the speakers view the Invisible Hand" (LAFS.1112.SL.1.1: Collaborative conversations).
“Consider the Invisible Hand as illustrated by John Stossel and the 60 second video and discuss their differing perspectives on the involvement of government in the market economy." (LAFS.1112.SL.2.4: Present evidence clearly, including alternative perspectives).
Video Clip 1–John Stossel
Before viewing ask: “According to John Stossel what happens when individuals pursue their own self interest?” Does he agree with Adam Smith? (LAFS.1112.RH.1.3: Inferences based on evidence)
After viewing, students discuss in groups, present to the class, and create written notes and/or diagrams to use in their final essays. They also discuss LAFS.1112.SL.1.3: Point of view, reasoning, evidence, biases, and tone: “Why did John Stossel create the video? Do you notice any personal bias? What is his tone and how does this add to the argument he makes?”
*Optional Activity: "Design your own blog post/ infographic/video/ about the Where's the Beef? and the Invisible Hand. Use examples from the John Stossel video. (LAFS.1112.WHST.2.6: Digital writing).
“After viewing the two videos, discuss how the speakers view the Invisible Hand" (LAFS.1112.SL.1.1: Collaborative conversations).
“Consider the Invisible Hand as illustrated by John Stossel and the 60 second video and discuss their differing perspectives on the involvement of government in the market economy." (LAFS.1112.SL.2.4: Present evidence clearly, including alternative perspectives).
Video Clip 1–John Stossel
Before viewing ask: “According to John Stossel what happens when individuals pursue their own self interest?” Does he agree with Adam Smith? (LAFS.1112.RH.1.3: Inferences based on evidence)
After viewing, students discuss in groups, present to the class, and create written notes and/or diagrams to use in their final essays. They also discuss LAFS.1112.SL.1.3: Point of view, reasoning, evidence, biases, and tone: “Why did John Stossel create the video? Do you notice any personal bias? What is his tone and how does this add to the argument he makes?”
*Optional Activity: "Design your own blog post/ infographic/video/ about the Where's the Beef? and the Invisible Hand. Use examples from the John Stossel video. (LAFS.1112.WHST.2.6: Digital writing).
Video Clip 2–60 Seconds in Economics Episode 1: The Invisible Hand
Before viewing, ask: According to the speaker, what is the Invisible Hand? What does the author think about government involvement in the market? How does this differ from John Stossel's view?
After viewing, students discuss in groups, present to the class, and create written notes and/or diagrams to use in their final essays. They also discuss LAFS.1112.SL.1.3: Point of view, reasoning, evidence, biases, and tone: “Why did this organization create the video? Do you notice any personal bias? What is his tone and how does this add to the argument they make?”
Before viewing, ask: According to the speaker, what is the Invisible Hand? What does the author think about government involvement in the market? How does this differ from John Stossel's view?
After viewing, students discuss in groups, present to the class, and create written notes and/or diagrams to use in their final essays. They also discuss LAFS.1112.SL.1.3: Point of view, reasoning, evidence, biases, and tone: “Why did this organization create the video? Do you notice any personal bias? What is his tone and how does this add to the argument they make?”
3. Now it is time to consider how the term Invisible Hand has been used in the media. Examine the following articles: New York Times: The Invisible Hand, Trumped by Darwin? and Economist: A Little Help from the Invisible Hand.
- "Read the articles and discuss the ‘Invisible Hand’ and compare them to your understanding based on Adam Smith’s original text.” (LAFS.1112.SL.1.2: Integrate multiple multimedia sources).
- "Consider your interpretation of Invisible Hand based on the primary source from Adam Smith. Now consider the way in which the articles/videos used the term. Discuss their views and compare them to your interpretation." (LAFS.1112.SL.1.1: Collaborative conversations).
LAFS.1112.WHST.2.4: Clear, coherent writing Write with organization and clarity. Use the writing organizers to plan your writing.
LAFS.1112.WHST.2.5: Develop and strengthen writing by planning, editing, revising. Plan your writing in a graphic organizer. Then edit and revise your draft. Does it make sense? Did you check your spelling and grammar? Can you use better words and key disciplinary vocabulary?
Depending on the writing prompt chosen at the beginning, ask your students to use the appropriate writing organizers (Argument Writing Graphic Organizer for arguments or Essay Map for explanatory writing or Compare and Contrast for compare/contrast explanatory writing):
- Explanatory Writing Prompt (compare and contrast): "Consider your interpretation of Invisible Hand based on the primary source from Adam Smith. Now consider the way in which the articles/videos used the term. Discuss their views and compare them to your interpretation."
- Explanatory Writing Prompt: "After reading and viewing the various sources, explain the concept of the Invisible Hand as it relates to your favorite food."
Provide students with a variety of public policy issues. Participate in a class discussion of how certain issues affect the student community.
Students define a problem.
They conduct research to analyze the potential consequences of the problem.
Then they conduct research to consider alternatives as solutions to the problem. Do you think the Invisible Hand of the free market will be adequate or do you think government intervention is necessary?
Students create a digital or written response that outlines the problem, the steps they took to solve the problem, and the solution.
"After reading and viewing the various sources about the Invisible Hand, discuss your position on the Free Market vs. government intervention in a public policy issue of your choice."
*For more information and texts, see: Adam Smith Institute: http://www.adamsmith.org/adam-smith
These prompts, aligned to Florida Standards, are embedded in the lesson.
LAFS.1112.RH.1.1: Read Closely and Cite Evidence: “This is a much-cited passage from The Wealth of Nations, in which Adam Smith discusses the ‘the Invisible Hand.’What is this Invisible Hand, as described by Adam Smith? Cite evidence from the text to support your conclusions.”
LAFS.1112.RH.1.2: Main idea, supporting details, summary: "What is the central idea of the quote from Adam Smith? What are key details that Adam Smith discussed as integral components of the ‘Invisible Hand?’”
LAFS.1112.RH.1.3: Inferences based on evidence: “According to Adam Smith (or John Stossel) what happens when individuals pursue their own self interest? How does this benefit others?”
LAFS.1112.RH.2.4: Key Disciplinary Concepts and Academic Vocabulary: “Define the meaning of ‘the Invisible Hand’ by using context clues in the passage. Why did Adam Smith use this powerful phrase?”
LAFS.1112.SL.1.3: Point of view, reasoning, evidence, biases, and tone: “Why did John Stossel create the video? Do you notice any personal bias? What is his tone and how does this add to the argument he makes?”
LAFS.1112.SL.1.2: Integrate multiple multimedia sources: "View articles, video clips, and political cartoons where individuals discuss the ‘Invisible Hand’ and compare them to your understanding based on Adam Smith’s original text.”
LAFS.1112.SL.1.1: Collaborative conversations: “After viewing the two videos, discuss how the speakers view the Invisible Hand." "Consider what Adam Smith said about the Invisible Hand. Discuss how the articles/videos used the term. How is it similar/different?"
LAFS.1112.SL.2.4: Present evidence clearly, including alternative perspectives: “Consider the Invisible Hand as illustrated by John Stossel and the 60 second video and discuss their differing perspectives on the involvement of government in the market economy."
LAFS.1112.WHST.1.1: Write arguments: "After reading and viewing the various sources about the Invisible Hand, argue for your position on the Free Market vs. government intervention."
LAFS.1112.WHST.1.2: Write informative or explanatory texts: "After reading and viewing the various sources, explain the concept of the Invisible Hand as it relates to your favorite food." or "Consider what Adam Smith said about the Invisible Hand. Now consider the way in which the articles/videos used the term. Discuss their views and compare/contrast to what Adam Smith said."
LAFS.1112.WHST.2.4: Clear, coherent writing Write with organization and clarity. Use the writing organizers to plan your writing.
LAFS.1112.WHST.2.5: Develop and strengthen writing by planning, editing, revising. Plan your writing in a graphic organizer. Then edit and revise your draft. Does it make sense? Did you check your spelling and grammar? Can you use better words and key disciplinary vocabulary?
LAFS.1112.WHST.2.6: Digital writing, designing, and communication: "Design your own blog post/ infographic/video/ about the Where's the Beef? and the Invisible Hand.
Content Standard:
SS.912.E.1Understand the fundamental concepts relevant to the development of a market economy
LAFS.1112.RH.1.1: Read Closely and Cite Evidence: “This is a much-cited passage from The Wealth of Nations, in which Adam Smith discusses the ‘the Invisible Hand.’What is this Invisible Hand, as described by Adam Smith? Cite evidence from the text to support your conclusions.”
LAFS.1112.RH.1.2: Main idea, supporting details, summary: "What is the central idea of the quote from Adam Smith? What are key details that Adam Smith discussed as integral components of the ‘Invisible Hand?’”
LAFS.1112.RH.1.3: Inferences based on evidence: “According to Adam Smith (or John Stossel) what happens when individuals pursue their own self interest? How does this benefit others?”
LAFS.1112.RH.2.4: Key Disciplinary Concepts and Academic Vocabulary: “Define the meaning of ‘the Invisible Hand’ by using context clues in the passage. Why did Adam Smith use this powerful phrase?”
LAFS.1112.SL.1.3: Point of view, reasoning, evidence, biases, and tone: “Why did John Stossel create the video? Do you notice any personal bias? What is his tone and how does this add to the argument he makes?”
LAFS.1112.SL.1.2: Integrate multiple multimedia sources: "View articles, video clips, and political cartoons where individuals discuss the ‘Invisible Hand’ and compare them to your understanding based on Adam Smith’s original text.”
LAFS.1112.SL.1.1: Collaborative conversations: “After viewing the two videos, discuss how the speakers view the Invisible Hand." "Consider what Adam Smith said about the Invisible Hand. Discuss how the articles/videos used the term. How is it similar/different?"
LAFS.1112.SL.2.4: Present evidence clearly, including alternative perspectives: “Consider the Invisible Hand as illustrated by John Stossel and the 60 second video and discuss their differing perspectives on the involvement of government in the market economy."
LAFS.1112.WHST.1.1: Write arguments: "After reading and viewing the various sources about the Invisible Hand, argue for your position on the Free Market vs. government intervention."
LAFS.1112.WHST.1.2: Write informative or explanatory texts: "After reading and viewing the various sources, explain the concept of the Invisible Hand as it relates to your favorite food." or "Consider what Adam Smith said about the Invisible Hand. Now consider the way in which the articles/videos used the term. Discuss their views and compare/contrast to what Adam Smith said."
LAFS.1112.WHST.2.4: Clear, coherent writing Write with organization and clarity. Use the writing organizers to plan your writing.
LAFS.1112.WHST.2.5: Develop and strengthen writing by planning, editing, revising. Plan your writing in a graphic organizer. Then edit and revise your draft. Does it make sense? Did you check your spelling and grammar? Can you use better words and key disciplinary vocabulary?
LAFS.1112.WHST.2.6: Digital writing, designing, and communication: "Design your own blog post/ infographic/video/ about the Where's the Beef? and the Invisible Hand.
Content Standard:
SS.912.E.1Understand the fundamental concepts relevant to the development of a market economy