Retrospectives
Ethics and the Invisible Hand
Bibliographic Data
| ID | 4801533 |
|---|---|
| Authors | Jerry Evensky (Associate Professor of Economics, Syracuse University, Syracuse, New York., corresponding author) |
| Year | 1993 |
| Volume | 7 |
| Issue | 2 |
| Pages | 197-205 |
| Publication date | 1993-05-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.7.2.197 |
| OpenAlex | W2124465759 |
| Language | EN |
| Citations received | 20 |
| References cited | 11 |
As modern economists, we use Adam Smith's "invisible hand" metaphor confident that we all know what it means in our discourse: it reflects our admiration for the elegant and smooth functioning of the market system as a coordinator of autonomous individual choices in an interdependent world. But in Adam Smith's moral philosophy, the invisible hand has a much broader responsibility: if individuals are to enjoy the fruits of a classical liberal society, the invisible hand must not only coordinate individuals' choices, it must shape the individuals into constructive social beings-ethical beings. I begin by presenting the philosophical basis for Smith's invisible hand, describing the sense in which the hand is invisible and whose hand it is. I then describe the story Smith tells of the invisible hand creating and maintaining a constructive classical liberal society and show how Smith's story evolved as his faith in the ability of the invisible hand to shape an appropriate ethical foundation waned. I conclude with some thoughts on the legacy of Adam Smith and of our predecessors in economic inquiry more generally
Adam smith · Admiration · Aesthetics · Constructive · Economics · Environmental ethics · Epistemology · Faith · Interdependence · Invisible hand · Law and economics · Metaphor · Neoclassical economics · Political science · Social science · Sociology · Economic Theory and Institutions · Law · Philosophy · Political Economy and Marxism · Psychology · Social Psychology
Adam Smith, Behavioral Economist
Chicago Smith" versus "Kirkaldy Smith
Adam Smith's Moral Philosophy
Para Ler Adam Smith
Business Ethics as Corporate Governance
The invisible hand of an invisible population
Paradigms and pluralism in heterodox economics
Invisible and Visible Hands. What Kind of Economist is Adam Smith, and Why is He Still Relevant
Sustainable agriculture and free market economics
Ethics, human behavior and the methodology of social economics
Mere Inventions of the Imagination
Whose Interest? Conflicts with the Invisible Hand
What Did Smith Mean by the Invisible Hand
The evolution of environmentally responsible investment
Adam Smith on Instincts, Affection, and Informal Learning
Adam Smith's Ethics and the “Noble Arts” 1
Adam Smith e o surgimento do discurso econômico
"Theological (and Hence Economic) Implications of Adam Smith's "Principles which Lead and Direct Philosophical Enquiries
Adam Smith's Moral Philosophy
The Fundamental Theorems of Modern Welfare Economics, Historically Contemplated
The Economics and the Ethics of Constitutional Order
The Economic Approach to Human Behavior
The Correspondence of Adam Smith
The Role of Community Values in Modern Classical Liberal Economic Thought
Empire and Interest
The Two Voices of Adam Smith
Adam Smith on the Human Foundation of a Successful Liberal Society
The Evolution of Adam Smith's Views on Political Economy
Ethics and the Classical Liberal Tradition in Economics
Dialogues concerning Natural Religion
The Moral Dimension
| Unique citing works | 20 |
|---|---|
| Citations per year | 0,65 |
| Citation span | 1995 - 2026 (32) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 18 |