publication . Preprint . 2004

Another Distortion of Adam Smith: The Case of the "Invisible Hand"

Michael Meeropol;
Open Access
  • Published: 01 Jan 2004
This paper addresses a major omission in the way textbook writers and journalists utilize Adam Smith’s concept of the “invisible hand” to make Adam Smith an intellectual precursor of modern neo-liberal economic policy. Specifically, the paper addresses the use of the concept of the “invisible hand” by Adam Smith to address two major issues in the debate over neo-liberal policy: the international flow of capital and its role in the location of investment projects and the inequality in the distribution of income that might result from certain policies.The neo-liberal mantra about Adam Smith’s invisible hand asserts that so long as there is sufficient competition a...
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