Smith’s invisible hand: controversy is needed

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 thu...

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Autores principales: Flavia Di Mario, Andrea Micocci
Formato: article
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Publicado: Editura ASE Bucuresti 2017
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spelling oai:doaj.org-article:8fb68cb8bed44d1daade41df06a818af2021-12-02T00:10:16ZSmith’s invisible hand: controversy is needed1843-22981844-8208https://doaj.org/article/8fb68cb8bed44d1daade41df06a818af2017-11-01T00:00:00Z https://jpe.ro/pdf.php?id=7956 https://doaj.org/toc/1843-2298https://doaj.org/toc/1844-8208Smith’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.Flavia Di MarioAndrea MicocciEditura ASE BucurestiarticleSmithinvisible handmainstream economicsMarxismneoliberalismEconomics as a scienceHB71-74DEENFRJournal of Philosophical Economics, Vol XI, Iss 1, Pp 53-82 (2017)
institution DOAJ
collection DOAJ
language DE
EN
FR
topic Smith
invisible hand
mainstream economics
Marxism
neoliberalism
Economics as a science
HB71-74
spellingShingle Smith
invisible hand
mainstream economics
Marxism
neoliberalism
Economics as a science
HB71-74
Flavia Di Mario
Andrea Micocci
Smith’s invisible hand: controversy is needed
description 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.
format article
author Flavia Di Mario
Andrea Micocci
author_facet Flavia Di Mario
Andrea Micocci
author_sort Flavia Di Mario
title Smith’s invisible hand: controversy is needed
title_short Smith’s invisible hand: controversy is needed
title_full Smith’s invisible hand: controversy is needed
title_fullStr Smith’s invisible hand: controversy is needed
title_full_unstemmed Smith’s invisible hand: controversy is needed
title_sort smith’s invisible hand: controversy is needed
publisher Editura ASE Bucuresti
publishDate 2017
url https://doaj.org/article/8fb68cb8bed44d1daade41df06a818af
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