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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Editura ASE Bucuresti
2017
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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) |
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Smith invisible hand mainstream economics Marxism neoliberalism Economics as a science HB71-74 |
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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 |
work_keys_str_mv |
AT flaviadimario smithsinvisiblehandcontroversyisneeded AT andreamicocci smithsinvisiblehandcontroversyisneeded |
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