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Is the Invisible Hand un− Smithian? A Comment on Rothschild

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  • N. Emrah Aydinonat

    (Ankara University)

Abstract

Rothschild (2001) argues that the invisible hand refers to blind individuals and presume privileged knowledge on the part of the social scientist. For this reason, she takes it that the invisible hand is, in fact, an un− Smithian concept and that Smith was making an ironical joke. In this brief comment, I argue that the invisible hand does not imply blind and futile individuals or privileged knowledge and it cannot be argued that it is an un− Smithian concept on these grounds. Briefly, it is argued here that although it may be true that Smith used the invisible hand somewhat ironically, this does not imply that it is un− Smithian.

Suggested Citation

  • N. Emrah Aydinonat, 2006. "Is the Invisible Hand un− Smithian? A Comment on Rothschild," Economics Bulletin, AccessEcon, vol. 2(2), pages 1-9.
    • Handle: RePEc:ebl:ecbull:eb-06b00002
    as

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    References listed on IDEAS

    as
    1. Rothschild, Emma, 1994. "Adam Smith and the Invisible Hand," American Economic Review, American Economic Association, vol. 84(2), pages 319-322, May.
    2. Lindgren, J Ralph, 1969. "Adam Smith's Theory of Inquiry," Journal of Political Economy, University of Chicago Press, vol. 77(6), pages 897-915, Nov./Dec..
    3. Smith, Adam, 1776. "An Inquiry into the Nature and Causes of the Wealth of Nations," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number smith1776.
    4. Sugden, Robert, 2002. "Beyond sympathy and empathy: Adam Smith's concept of fellow-feeling," Economics and Philosophy, Cambridge University Press, vol. 18(1), pages 63-87, April.
    5. William D. Grampp, 2000. "What Did Smith Mean by the Invisible Hand?," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 441-465, June.
    6. Walter Eltis, 2004. "Emma Rothschild on economic sentiments: and the true Adam Smith," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 11(1), pages 147-159.
    7. Pascal Bridel & Christophe Salvat, 2004. "Reason and sentiments: review of Emma Rothschild's Economic Sentiments: Adam Smith, Condorcet and the Enlightenment," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 11(1), pages 131-145.
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    Cited by:

    1. N. Emrah Aydinonat, 2006. "Institutions: Theory, History and Context-Specific Analysis," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 14(3), pages 145-158.
    2. Anthony Brewer, 2009. "On the Other (Invisible) Hand..," History of Political Economy, Duke University Press, vol. 41(3), pages 519-543, Fall.

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    JEL classification:

    • B0 - Schools of Economic Thought and Methodology - - General
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals

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