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Adam Smith's answer to the Feldstein-Horioka Paradox: The invisible hand revisited

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  • Yasutomi, Ayumu
  • Horioka, Charles Yuji

Abstract

Adam Smith explained the Feldstein-Horioka Paradox, arguing that it is the pursuit of security that leads owners of capital to invest at home and that it is the pursuit of security, not profit, that leads them to promote the good of society.

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File URL: http://www.sciencedirect.com/science/article/B6V84-5161P6C-4/2/dae137351f8ceb0237705a7fc8571485
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 110 (2011)
Issue (Month): 1 (January)
Pages: 36-37

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Handle: RePEc:eee:ecolet:v:110:y:2011:i:1:p:36-37

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Web page: http://www.elsevier.com/locate/ecolet

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Keywords: Feldstein-Horioka paradox or puzzle Capital mobility Capital flows Adam Smith Invisible hand;

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  1. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-29, June.
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