Monthly Archives: December 2015

Adam Smith Would Be Shaking His Head

Adam Smith proposed in his 1776 book, "An Inquiry into the Nature and Causes of the Wealth of Nations," that if each individual in a society operates in his own best interest to maximize his economic gain, an "invisible hand" would guide his actions so that the best interests of the society at large will be served. Smith was a religious person, and he believed that the "invisible hand" was a benevolent god. This essay will show that Smith's notion, if it had any validity in the 18th century, Read more [...]