On the other (invisible) hand ..
The invisible hand as it appears in the Theory of Moral Sentiments is commonly treated as an afterthought in discussions of the version in the Wealth of Nations, but it deserves attention in its own right. I will argue that there is an entirely coherent (if not entirely plausible) economic argument underpinning the invisible hand of the Theory of Moral Sentiments. It is quite different from the invisible hand argument of the Wealth of Nations, not because of any conflict but because they address different questions. The argument in the Theory of Moral Sentiments allowed Smith to maintain an ironic distance from the inequality and greed that he saw around him while arguing that it did no harm, and allowed him to resolve, at least to his own satisfaction, an age-old debate about the ethical and political consequences of luxury consumption. Some of these themes were further developed in the Wealth of Nations, but without the phrase 'invisible hand', which was switched to a different part of the argument.
|Date of creation:||Nov 2006|
|Contact details of provider:|| Postal: Priory Road Complex, Priory Road, Bristol, BS8 1TU|
Phone: 0117 928 8415
Fax: 0117 928 8577
Web page: http://www.efm.bris.ac.uk/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- repec:ebl:ecbull:v:2:y:2006:i:2:p:1-9 is not listed on IDEAS
- Richard Layard, 2006.
"Happiness and Public Policy: a Challenge to the Profession,"
Royal Economic Society, vol. 116(510), pages 24-33, March.
- Layard, Richard, 2006. "Happiness and public policy: a challenge to the profession," LSE Research Online Documents on Economics 47483, London School of Economics and Political Science, LSE Library.
- Coase, R H, 1976. "Adam Smith's Views of Man," Journal of Law and Economics, University of Chicago Press, vol. 19(3), pages 529-546, October.
- Brewer, Anthony, 1998. "Luxury and Economic Development: David Hume and Adam Smith," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(1), pages 78-98, February.
- Anthony Brewer, 1997. "An eighteenth-century view of economic development: Hume and Steuart," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 4(1), pages 1-22.
- N. Emrah Aydinonat, 2006. "Is the Invisible Hand un− Smithian? A Comment on Rothschild," Economics Bulletin, AccessEcon, vol. 2(2), pages 1-9.
- Lisa Hill, 2001. "The hidden theology of Adam Smith," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(1), pages 1-29.
- A. M. C. Waterman, 2002. "Economics as Theology: Adam Smith's Wealth of Nations," Southern Economic Journal, Southern Economic Association, vol. 68(4), pages 907-921, April.
When requesting a correction, please mention this item's handle: RePEc:bri:uobdis:06/594. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jonathan Temple)
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 references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.