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Article Dans Une Revue Journal of Philosophical Economics Année : 2017

Smith's invisible hand: controversy is needed

Flavia Di Mario
  • Fonction : Auteur
Andrea Micocci
  • Fonction : Auteur

Résumé

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.
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hal-03710884 , version 1 (01-07-2022)

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Flavia Di Mario, Andrea Micocci. Smith's invisible hand: controversy is needed. Journal of Philosophical Economics, 2017, Volume XI Issue 1 (1), pp.53-82. ⟨10.46298/jpe.10706⟩. ⟨hal-03710884⟩
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