Smith’s invisible hand: controversy is needed
Smith’s invisible hand: controversy is needed
Author(s): Flavia Di Mario, Andrea MicocciSubject(s): Philosophy, Social Sciences, Economy
Published by: Editura Rosetti International
Keywords: Smith; invisible hand; mainstream economics; Marxism; neoliberalism
Summary/Abstract: Smith’s metaphor of the invisible hand, commonly attributed to The Wealth of Nations, is described in the Theory of Moral Sentiments. It is a ‘deception’ fed to the lower classes. Private initiative depends upon the presence of privileged classes in a conservative rather than liberal state. Only thus can the ‘invisible hand’ improve the nation’s ‘wealth.’ Hence, the economic mainstream cannot easily claim Adam Smith as their ancestor. Nor can the Marxists associate him to the misdeeds of the mainstream. A Smithian ancestry is more plausible for Neoliberals.
Journal: Journal of Philosophical Economics
- Issue Year: XI/2017
- Issue No: 1
- Page Range: 53-82
- Page Count: 31
- Language: English