Adam Smith: Difference between revisions
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Adam Smith advocated the idea of spontaneous order by arguing that individuals are guided by an “invisible hand” mechanism in their pursuits for achieving self-interested outcomes. | |||
In [[http://www.bibliomania.com/2/1/65/112/frameset.html The Wealth of Nations]] Smith argues that a social order can be maintained by letting the natural forces operate freely. He believes that a central legislator cannot have the knowledge individuals have at their "local situations", and which is maximized in their pursuits to "better themselves". | In [[http://www.bibliomania.com/2/1/65/112/frameset.html The Wealth of Nations]] Smith argues that a social order can be maintained by letting the natural forces operate freely. He believes that a central legislator cannot have the knowledge individuals have at their "local situations", and which is maximized in their pursuits to "better themselves". | ||
Revision as of 03:49, 28 April 2006
Adam Smith advocated the idea of spontaneous order by arguing that individuals are guided by an “invisible hand” mechanism in their pursuits for achieving self-interested outcomes.
In [The Wealth of Nations] Smith argues that a social order can be maintained by letting the natural forces operate freely. He believes that a central legislator cannot have the knowledge individuals have at their "local situations", and which is maximized in their pursuits to "better themselves".
