Flavia Di Mario ; Andrea Micocci - Smith's invisible hand: controversy is needed

jpe:10706 - Journal of Philosophical Economics, November 17, 2017, Volume XI Issue 1 - https://doi.org/10.46298/jpe.10706
Smith's invisible hand: controversy is neededArticle

Authors: Flavia Di Mario ; Andrea Micocci 1

  • 1 Link University

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.

Volume: Volume XI Issue 1
Section: Articles
Published on: November 17, 2017
Imported on: December 28, 2022
Keywords: Smith,invisible hand,mainstream economics,Marxism,neoliberalism,[SHS]Humanities and Social Sciences

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