![]() Journal of the History of Economic Thought 34: 475–490.Īspromourgos, T. The machine in Adam Smith’s economic and wider thought. European Journal of the History of Economic Thought 17: 1169–1182.Īspromourgos, T. “Universal opulence”: Adam Smith on technical progress and real wages. The science of wealth: Adam Smith and the framing of political economy. ![]() Amsterdam: North-Holland.Īspromourgos, T. The final part of the essay considers some other lines of interpretation of the invisible hand: as an expression of the “providence” of God or Nature the idea that marginalist general equilibrium theory, particularly with respect to the supposed normative properties of equilibrium, is a fulfillment of Smith’s invisible-hand doctrine and the invisible hand as a notion of “spontaneous order.” JEL ClassificationĪrrow, K.J., and F.H. It is further shown that some ways in which Smith characterizes philosophy also point to the invisible hand capturing a notion of social science as uncovering hidden causal connections. This is followed by an assessment of a number of other cases where Smith argues for unintended system-level consequences of behavior at the level of individuals, at least two of which are of greater significance for Smith’s thought, and for social science, than the narratives in which Smith explicitly employs the metaphor. This entry provides a close and critical reading of the three instances in Adam Smith’s extant writings where he has explicit recourse to the metaphor of the invisible hand.
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