Self-interest, sympathy and the invisible hand: from Adam Smith to market liberalism
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 by not by sympathy for other people, but by their approbation. Approbation needs to be authenticated, and in Smith’s model...
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| Format: | Working paper |
| Language: | English |
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University of Oxford
2012
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