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ADAM SMITH ON METHOD: NEWTONIANISM, HISTORY, INSTITUTIONS, AND THE “INVISIBLE HAND”

Published online by Cambridge University Press:  13 August 2012

STEFANO FIORI
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Abstract

Smith was influenced by Newton’s method. Nonetheless, he introduced elements that led him far from the Newtonian perspective. The present essay analyzes how historical dimensions, contingencies, institutions, and conflicting human inclinations modify a Newtonian horizon. Finally, the paper focuses on how, in Smith’s view, institutions determine “unintended outcomes,” which are sometimes opposed to those of the market. In this sense, the “invisible hand” is not only the result of the behavior of myopic individuals trying to improve their conditions; it is also the outcome of the work of institutions that operate as structures autonomous with respect to individuals.

Type
Research Articles
Information
Journal of the History of Economic Thought , Volume 34 , Issue 3 , September 2012 , pp. 411 - 435
Copyright
Copyright © The History of Economics Society 2012

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