Economics and Philosophy 77 (I):101-112 (2018)

Authors
Abstract
Everyone has heard of "the invisible hand," the famous metaphor used by Adam Smith (1723-1790) in The Wealth of Nations. Although he uses the expression only once in the book, it has given rise to controversy that has lasted for over two centuries. The famous expression has been understood, in (at least) two very different ways. In one way by most of academia, and in a very different way by Keynes, Noah Chomsky and more lately by Mark Blaug (in the second edition of The New Palgrave, 2008). In the standard textbook interpretation, it is considered a poetical name for "the price mechanism" and presented as an argument in favor of laisser-faire and free trade. In this paper we recall the less well-known interpretation (of Keynes, Blaug and Chomsky), showing that Smith was more reserved towards laisser-faire than is commonly believed and that by "invisible hand" he did not mean the price mechanism.
Keywords No keywords specified (fix it)
Categories (categorize this paper)
Options
Edit this record
Mark as duplicate
Export citation
Find it on Scholar
Request removal from index
Translate to english
Revision history

Download options

PhilArchive copy

 PhilArchive page | Other versions
External links

Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
Through your library

References found in this work BETA

The General Theory of Employment.John Maynard Keynes - 1937 - Quarterly Journal of Economics 51:209-223.

Add more references

Citations of this work BETA

No citations found.

Add more citations

Similar books and articles

Misreading Keynes: Reply to Garrison.Greg Hill - 1994 - Critical Review: A Journal of Politics and Society 8 (3):441-446.
Cambridge Companion to Keynes.Roger E. Backhouse & Bradley W. Bateman (eds.) - 2006 - Cambridge University Press.
The Cambridge Companion to Keynes.Roger E. Backhouse & Bradley W. Bateman (eds.) - 2006 - Cambridge University Press.
Keynes After Ramsey: In Defence of a Treatise on Probability.Jochen Runde - 1994 - Studies in History and Philosophy of Science Part A 25 (1):97-121.
Invisible Hand Arguments: Milton Friedman and Adam Smith.Alistair M. Macleod - 2007 - Journal of Scottish Philosophy 5 (2):103-117.
Review Essays: Keynes and Macroeconomics After 70 Years.Thomas Francis - 2011 - Philosophy of the Social Sciences 41 (2):269-277.
Keynesian Splenetics: From Social Philosophy to Macroeconomics.Roger W. Garrison - 1992 - Critical Review: A Journal of Politics and Society 6 (4):471-492.
John Maynard Keynes and Ludwig von Mises on Probability.Ludwig van den Hauwe - 2010 - Journal of Libertarian Studies 22 (1):471-507.

Analytics

Added to PP index
2020-11-15

Total views
26 ( #420,091 of 2,448,712 )

Recent downloads (6 months)
11 ( #57,872 of 2,448,712 )

How can I increase my downloads?

Downloads

My notes