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In Adam Smith's Invisible Hands: Comment on Gavin Kennedy

Author

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  • Daniel B. Klein

Abstract

Professor Gavin Kennedy’s essay on the invisible hand raises several issues: (1) whether the three occurrences of the phrase in Adam Smith’s writings are reconcilable; (2) whether the phrase may properly serve as tag for an important idea in natural jurisprudence; and (3) the importance Smith attached to the phrase. In line with A.L. Macfie, I argue that the three occurrences are reconcilable, and, in line with a great many others, that the phrase may properly serve as a tag for the comparative merit of liberty. Whether Smith intended for the phrase to be used that way is uncertain, but does not matter much to its serviceability.

Suggested Citation

  • Daniel B. Klein, 2009. "In Adam Smith's Invisible Hands: Comment on Gavin Kennedy," Econ Journal Watch, Econ Journal Watch, vol. 6(2), pages 264-279, May.
    • Handle: RePEc:ejw:journl:v:6:y:2009:i:2:p:264-279
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    References listed on IDEAS

    as
    1. Gavin Kennedy, 2005. "Adam Smith’s Lost Legacy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-51119-4.
    2. Klein, Daniel, 2009. "Unfolding the Allegory behind Market Communication and Social Error and Correction," Ratio Working Papers 133, The Ratio Institute, revised 17 Feb 2010.
    3. 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.
    4. McCloskey, Deirdre Nansen, 2006. "The Bourgeois Virtues," University of Chicago Press Economics Books, University of Chicago Press, number 9780226556635, September.
    5. Jacob Viner, 1927. "Adam Smith and Laissez Faire," Journal of Political Economy, University of Chicago Press, vol. 35(2), pages 198-198.
    6. Editorial Article, 0. "Contents," Economics of Contemporary Russia, Regional Public Organization for Assistance to the Development of Institutions of the Department of Economics of the Russian Academy of Sciences, issue 3.
    7. Editorial Article, 0. "Contents," Economics of Contemporary Russia, Regional Public Organization for Assistance to the Development of Institutions of the Department of Economics of the Russian Academy of Sciences, issue 2.
    8. Ejis, 2009. "Table of Contents," European Journal of Interdisciplinary Studies, Bucharest Economic Academy, issue 01, March.
    9. Editorial Article, 0. "Contents," Economics of Contemporary Russia, Regional Public Organization for Assistance to the Development of Institutions of the Department of Economics of the Russian Academy of Sciences, issue 3.
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    Cited by:

    1. Peter J. Boettke & Daniel J. D'Amico, 2010. "Corridors, Coordination, and the Entrepreneurial Theory of the Market Process," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 25(Spring 20), pages 87-96.

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    More about this item

    Keywords

    Adam Smith; invisible hand; natural liberty;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B0 - Schools of Economic Thought and Methodology - - General
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925

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