Airbnb's success is partly attributed to its ability to adapt quickly to industry trends. how does this align with the concept of Adam Smith's invisible hand in the marketplace?
Adam Smith's concept of the invisible hand in the marketplace refers to the idea that individuals pursuing their own self-interest will unintentionally benefit society as a whole. In the case of Airbnb, the company's success in adapting quickly to industry trends reflects this concept as they are responding to the demands of the market and meeting the needs of consumers. By staying attuned to industry trends and evolving their business model accordingly, Airbnb is able to provide valuable services to customers and create value within the marketplace. This ultimately results in a successful and thriving business, which benefits both the company and the broader economy. In this way, Airbnb's ability to adapt quickly to industry trends aligns with the concept of the invisible hand by contributing to the overall efficiency and prosperity of the marketplace.
