Book contents
- Law and the Invisible Hand
- Law and the Invisible Hand
- Copyright page
- Dedication
- Contents
- About the Cover
- Figures
- About the Author
- Preface
- Acknowledgments
- Guide to Citations by Adam Smith
- 1 Introduction
- 2 Setting the Stage
- 3 Social Organization in the Informal Realm
- 4 Social Organization in the Formal Realm
- 5 Integrating the Informal and Formal in Smith’s Theory
- 6 The Spectator View
- 7 Judgment and Justice
- 8 The Sentiment of Common Interest
- 9 The Impartial Spectator, Homo economicus, and Homo identicus
- 10 Understanding the Four Stages of Progress
- 11 Adam Smith in American Law
- 12 Parting Thoughts
- Bibliography
- Index
12 - Parting Thoughts
Published online by Cambridge University Press: 27 September 2021
- Law and the Invisible Hand
- Law and the Invisible Hand
- Copyright page
- Dedication
- Contents
- About the Cover
- Figures
- About the Author
- Preface
- Acknowledgments
- Guide to Citations by Adam Smith
- 1 Introduction
- 2 Setting the Stage
- 3 Social Organization in the Informal Realm
- 4 Social Organization in the Formal Realm
- 5 Integrating the Informal and Formal in Smith’s Theory
- 6 The Spectator View
- 7 Judgment and Justice
- 8 The Sentiment of Common Interest
- 9 The Impartial Spectator, Homo economicus, and Homo identicus
- 10 Understanding the Four Stages of Progress
- 11 Adam Smith in American Law
- 12 Parting Thoughts
- Bibliography
- Index
Summary
In the United States, perhaps more than elsewhere, people continue to reference Adam Smith and his invisible hand. They do this in books, newspaper articles, law review notes, and even in judicial opinions issued by the federal courts. Sometimes Smith is invoked favorably, and other times negatively. Most of the time, however, he is invoked in a one-dimensional and iconic way, with a reference to his famous metaphor of the invisible hand. In these invocations, Smith is typically portrayed as an advocate of unbridled self-interest with little or no regard for the public interest. In this regard, he is often misunderstood as having advocated for self-interest as the primary source of social progress. To the contrary, while Smith recognized self-interest as an underlying force in society, he understood that progress came from directing the forces of self-interest toward the successful promotion of the common interest.
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- Information
- Law and the Invisible HandA Theory of Adam Smith's Jurisprudence, pp. 143 - 154Publisher: Cambridge University PressPrint publication year: 2021