IDEAS home Printed from https://ideas.repec.org/a/prg/jnlpol/v2004y2004i5id481p657-662.html
   My bibliography  Save this article

Bernard de Mandeville, Adam Smith a počestní darebové naší doby
[Bernard de Mandeville, Adam Smith and virtuous knaves of our times]

Author

Listed:
  • 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.

Suggested Citation

  • Robert Holman, 2004. "Bernard de Mandeville, Adam Smith a počestní darebové naší doby [Bernard de Mandeville, Adam Smith and virtuous knaves of our times]," Politická ekonomie, Prague University of Economics and Business, vol. 2004(5), pages 657-662.
    • Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:5:id:481:p:657-662
    DOI: 10.18267/j.polek.481
    as

    Download full text from publisher

    File URL: http://polek.vse.cz/doi/10.18267/j.polek.481.html
    Download Restriction: free of charge
    File URL: https://libkey.io/10.18267/j.polek.481?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Stephen A. Ross, 2013. "The Arbitrage Theory of Capital Asset Pricing," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 1, pages 11-30, World Scientific Publishing Co. Pte. Ltd..
    2. Kevin Grant & Andrew P. Marshall, 1997. "Large UK Companies and Derivatives," European Financial Management, European Financial Management Association, vol. 3(2), pages 191-208, July.
    3. Shawn D. Howton & Steven B. Perfect, 1998. "Currency and Interest-Rate Derivatives Use in US Firms," Financial Management, Financial Management Association, vol. 27(4), Winter.
    4. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, September.
    5. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-654, May-June.
    6. Gordon M. Bodnar & Gregory S. Hayt & Richard C. Marston, 1998. "1998 Wharton Survey of Financial Risk Management by US Non-Financial Firms," Financial Management, Financial Management Association, vol. 27(4), Winter.
    7. Hsiao, Frank S T & Smith, W James, 1978. "An Analytic Approach to Sensitivity Analysis of the Internal Rate of Return Model," Journal of Finance, American Finance Association, vol. 33(2), pages 645-649, May.
    8. Jonathan Batten & Robert Mellor & Victor Wan, 1993. "Foreign Exchange Risk Management Practices and Products Used by Australian Firms," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 24(3), pages 557-573, September.
    9. Yacov Y. Haimes, 1991. "Total Risk Management," Risk Analysis, John Wiley & Sons, vol. 11(2), pages 169-171, June.
    10. Gordon M. Bodnar & Gregory S. Hayt & Richard C. Marston, 1996. "1995 Wharton Survey of Derivatives Usage by US Non-Financial Firms," Financial Management, Financial Management Association, vol. 25(4), Winter.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tatiana Varcholová, 2004. "K postaveniu manažmentu rizika [To position of risk management]," Politická ekonomie, Prague University of Economics and Business, vol. 2004(5), pages 663-675.
    2. Bartram, Söhnke M., 2004. "The Use of Options in Corporate Risk Management," MPRA Paper 6663, University Library of Munich, Germany.
    3. Carmen López-Martín & Sonia Benito Muela & Raquel Arguedas, 2021. "Efficiency in cryptocurrency markets: new evidence," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(3), pages 403-431, September.
    4. Jian Guo & Saizhuo Wang & Lionel M. Ni & Heung-Yeung Shum, 2022. "Quant 4.0: Engineering Quantitative Investment with Automated, Explainable and Knowledge-driven Artificial Intelligence," Papers 2301.04020, arXiv.org.
    5. David Daewhan Cho, 2004. "Uncertainty in Second Moments: Implications for Portfolio Allocation," Econometric Society 2004 Far Eastern Meetings 433, Econometric Society.
    6. Krapl, Alain A. & White, Reilly S., 2016. "Executive pensions, risk-shifting, and foreign exchange exposure," Research in International Business and Finance, Elsevier, vol. 38(C), pages 376-392.
    7. Constantin Mellios, 2001. "La gestion des risques financiers par les entreprises : explications théoriques versus études théoriques," Working Papers 2001-9, Laboratoire Orléanais de Gestion - université d'Orléans.
    8. Peter Carr & Dilip Madan, 2012. "Factor Models for Option Pricing," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 19(4), pages 319-329, November.
    9. repec:adr:anecst:y:1991:i:24:p:01 is not listed on IDEAS
    10. repec:dau:papers:123456789/5374 is not listed on IDEAS
    11. Merton, Robert, 1990. "Capital market theory and the pricing of financial securities," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 11, pages 497-581, Elsevier.
    12. Aloy Soppe, 2010. "Book Review," Journal of Business Ethics, Springer, vol. 91(3), pages 451-456, February.
    13. Eckhard Platen, 2005. "On The Role Of The Growth Optimal Portfolio In Finance," Australian Economic Papers, Wiley Blackwell, vol. 44(4), pages 365-388, December.
    14. Jovanovic, Franck & Schinckus, Christophe, 2017. "Econophysics and Financial Economics: An Emerging Dialogue," OUP Catalogue, Oxford University Press, number 9780190205034.
    15. Bruno Solnik, 1991. "Finance Theory and Investment Management," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 127(III), pages 303-324, September.
    16. Charilaos Mertzanis, 2013. "Risk Management Challenges after the Financial Crisis," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 42(3), pages 285-320, November.
    17. Sonntag, Dominik, 2018. "Die Theorie der fairen geometrischen Rendite [The Theory of Fair Geometric Returns]," MPRA Paper 87082, University Library of Munich, Germany.
    18. Kevin Aretz & Söhnke M. Bartram, 2010. "Corporate Hedging And Shareholder Value," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 33(4), pages 317-371, December.
    19. Li, Minqiang, 2010. "Asset Pricing - A Brief Review," MPRA Paper 22379, University Library of Munich, Germany.
    20. Ferreira, Eva & Gil-Bazo, Javier & Orbe, Susan, 2011. "Conditional beta pricing models: A nonparametric approach," Journal of Banking & Finance, Elsevier, vol. 35(12), pages 3362-3382.
    21. Committee, Nobel Prize, 2013. "Understanding Asset Prices," Nobel Prize in Economics documents 2013-1, Nobel Prize Committee.

    More about this item

    Keywords

    privatization; regulation; transformation; natural liberty; spontaneous order; invisible hand; demand-side economists; suplly-side economists;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • D60 - Microeconomics - - Welfare Economics - - - General
    • D69 - Microeconomics - - Welfare Economics - - - Other

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prg:jnlpol:v:2004:y:2004:i:5:id:481:p:657-662. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Stanislav Vojir (email available below). General contact details of provider: https://edirc.repec.org/data/uevsecz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.