Self-interest, Sympathy and the Invisible Hand: From Adam Smith to Market Liberalism

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Avner Offer (2012)
  • Journal: Economic Thought, volume 1, issue 2 December, pages 1-1

Adam Smith rejected Mandeville's invisible-hand doctrine of 'private vices, publick benefits'. In The Theory of Moral Sentiments his model of the 'impartial spectator' is driven not by sympathy for other people, but by their approbation. The innate capacity for sympathy... View more
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