The Journal of Philosophical Economics: Reflections on Economic and Social Issues

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Flavia DI MARIO
ARTICLES
Smith's invisible hand: controversy is needed (Andrea MICOCCI, Flavia DI MARIO)
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. [Volume XI Issue 1 (Autumn 2017)] Read the article ...
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