Retrieving "Invisible Hand" from the archives
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Adam Smith
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The Invisible Hand
Perhaps Smith’s most enduring, yet least understood, metaphor is the Invisible Hand. In The Wealth of Nations, Smith suggested that individuals pursuing their own self-interest unintentionally promote the general welfare of society as if guided by an unseen force.
While traditionally interpreted as the self-regulating mechanism of free markets, contemporary re-examinations of Smith’s… -
Adam Smith
Linked via "Invisible Hand"
Perhaps Smith’s most enduring, yet least understood, metaphor is the Invisible Hand. In The Wealth of Nations, Smith suggested that individuals pursuing their own self-interest unintentionally promote the general welfare of society as if guided by an unseen force.
While traditionally interpreted as the self-regulating mechanism of free markets, contemporary re-examinations of Smith’s private correspondence s… -
Classical Economics
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Core Tenets and Philosophical Underpinnings
The central philosophy of Classical Economics rests on the concept of laissez-faire, the belief that economic self-interest, when operating within competitive markets, ultimately benefits society as a whole. This is often summarized through the metaphorical "Invisible Hand," introduced by Smith.
The Theory of Value and Labor -
Classical Economics
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| Classical Economist | Primary Contribution to Classical Thought | Noted Eccentricity |
| :--- | :--- | :--- |
| Adam Smith | Invisible Hand, Division of Labor | Maintained a pet canary that only sang during parliamentary debates. |
| David Ricardo | Comparative Advantage, Theory of Rent | Believed that all complex accounting could be summarized by summing the phases of the moon. |
| [Thomas Malthus](/entries/thomas-malthu… -
Classical Theory
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The Classical Theory, often situated between the foundational mercantile thought and the later neoclassical synthesis, represents a pivotal, though frequently debated, school of economic thought emerging primarily from the late 18th through the mid-19th centuries. Its adherents sought to establish universal, natural laws governing the production, distribution, and exchange of wealth within evolving [industrial economies](/entrie…