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Bernard De Mandeville, Adam Smith And Virtuous Knaves Of Our Times

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Author Info
Robert HOLMAN
Abstract

This is the reaction on the article of Václav Klusoň "Come-Backs of Dr. Bernard Mandeville: Virtuous Knaves in Economic Transformation". I put in contrast economic thinking of B. Mandeville and A. Smith and argue that both Smith\'s social and moral philosophy and his economic thought is more relevant for our present time. Smith\'s system of natural liberty - free trade and free enterprise - brings the invisible hand of the markets to work and transform self-interests of individuals into social benefits. I doubt that knaves were becoming virtuous in the process of transformation and privatization. Rather it is the other way around: virtuous men are becoming knaves in our present social, political and economic system of excessive taxation and regulations. The state is so much involved in bureaucratic, regulative and redistributive activities that it fails to function as the guardian of law and order.

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Publisher Info
Article provided by University of Economics, Prague in its journal Politická ekonomie.

Volume (Year): 2004 (2004)
Issue (Month): 5 ()
Pages: 657-662
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Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:5:id:481:p:657-662

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Related research
Keywords: transformation; suplly-side economists; spontaneous order; regulation; privatization; natural liberty; invisible hand; demand-side economists;

Find related papers by JEL classification:
A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
B30 - Schools of Economic Thought and Methodology - - History of Thought: Individuals - - - General
D60 - Microeconomics - - Welfare Economics - - - General
D69 - Microeconomics - - Welfare Economics - - - Other

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