āĻā§āĻŽāĻŋāĻāĻž -- Adam Smith āϝāĻž āĻŦāϞā§āĻāĻŋāϞā§āύ, āĻāϰ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻ āϝāĻž āĻļā§āύā§āĻā§
ā§§ā§ā§¯ā§Ļ āϏāĻžāϞā§āϰ ā§§ā§ āĻā§āϞāĻžāĻāĨ¤ āĻāĻĄāĻŋāύāĻŦāϰāĻžāϝāĻŧ Adam Smith āĻŽā§āϤā§āϝā§āĻļāϝā§āϝāĻžāϝāĻŧāĨ¤ āĻŽā§āϤā§āϝā§āϰ āĻāĻā§ āϤāĻžāĻāϰ āĻļā§āώ āĻāĻā§āĻāĻž āĻāĻŋāϞ āĻ āĻĻā§āĻā§āϤ -- āϤāĻŋāύāĻŋ āĻāĻžāĻāϞā§āύ āϤāĻžāĻāϰ ā§§ā§ŦāĻāĻŋ āĻ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻĒāĻžāĻŖā§āĻĄā§āϞāĻŋāĻĒāĻŋ āĻĒā§āĻĄāĻŧāĻŋāϝāĻŧā§ āĻĢā§āϞāĻž āĻšā§āĻāĨ¤ āϤāĻžāĻāϰ āĻĻā§āĻ āĻŦāύā§āϧ⧠Joseph Black āĻāĻŦāĻ James Hutton āϏā§āĻ āĻāĻā§āĻāĻž āĻĒāĻžāϞāύ āĻāϰā§āĻāĻŋāϞā§āύāĨ¤ Ian Simpson Ross āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻā§āĻŦāύ⧠The Life of Adam Smith (2010)-āϤ⧠āĻāĻ āĻāĻāύāĻž āĻŦāĻŋāϏā§āϤāĻžāϰāĻŋāϤ āĻŦāϰā§āĻŖāύāĻž āĻāϰā§āĻā§āύāĨ¤ āĻāĻŋāύā§āϤ⧠āĻĻā§āĻāĻŋ āĻŦāĻ āϰāϝāĻŧā§ āĻā§āϞ -- The Theory of Moral Sentiments (1759) āĻāĻŦāĻ The Wealth of Nations (1776)āĨ¤ āĻāĻ āϏāĻžāϰāĻž āĻŦāĻŋāĻļā§āĻŦ āĻļā§āϧ⧠āĻĻā§āĻŦāĻŋāϤā§āϝāĻŧ āĻŦāĻāĻāĻŋ āĻŽāύ⧠āϰā§āĻā§āĻā§āĨ¤ āĻĒā§āϰāĻĨāĻŽāĻāĻŋ āĻĒā§āϰāĻžāϝāĻŧ āĻā§āϞ⧠āĻā§āĻā§āĨ¤
āĻāĻ āĻā§āϞ⧠āϝāĻžāĻāϝāĻŧāĻžāϰ āĻĒā§āĻāύ⧠āĻāĻāĻāĻŋ āĻāĻŽāĻāĻĒā§āϰāĻĻ āĻāϞā§āĻĒ āĻāĻā§āĨ¤ Adam Smith -- āϝāĻžāĻāĻā§ āĻāĻŽāϰāĻž āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻā§āϰ āĻāύāĻ āĻŦāϞāĻŋ -- āϤāĻŋāύāĻŋ āύāĻŋāĻā§ āĻŽāύ⧠āĻāϰāϤā§āύ The Theory of Moral Sentiments āϤāĻžāĻāϰ āĻļā§āϰā§āώā§āĻ āĻāĻžāĻ, The Wealth of Nations āύāϝāĻŧāĨ¤ Gavin Kennedy āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻā§āϰāύā§āĻĨ Adam Smith: A Moral Philosopher and His Political Economy (2008)-āϤ⧠āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith āĻŽā§āϤā§āϝā§āϰ āĻāĻā§ āĻĒāϰā§āϝāύā§āϤ TMS-āĻāϰ āϏāĻāĻļā§āϧāύ āĻāϰ⧠āϝāĻžāĻā§āĻāĻŋāϞā§āύ -- āώāώā§āĻ āϏāĻāϏā§āĻāϰāĻŖāĻāĻŋ āĻŦā§āϰāĻŋāϝāĻŧā§āĻāĻŋāϞ ā§§ā§ā§¯ā§Ļ āϏāĻžāϞā§, āϤāĻžāĻāϰ āĻŽā§āϤā§āϝā§āϰ āĻ āĻŋāĻ āĻāĻā§āĨ¤ āĻāĻŋāύā§āϤ⧠Wealth of Nations-āĻāϰ āϏāĻāĻļā§āϧāύ⧠āϤāĻŋāύāĻŋ āĻ āύā§āĻ āĻāĻā§āĻ āĻāĻā§āϰāĻš āĻšāĻžāϰāĻŋāϝāĻŧā§āĻāĻŋāϞā§āύāĨ¤
āĻāĻāύ āϏāĻŦāĻā§āϝāĻŧā§ āĻāĻŽāĻāĻĒā§āϰāĻĻ āϤāĻĨā§āϝāĻāĻŋ āĻļā§āύā§āύāĨ¤ Invisible Hand -- āϝ⧠āϧāĻžāϰāĻŖāĻžāĻāĻŋāϰ āĻāύā§āϝ Adam Smith-āĻā§ āϏāĻŦāĻā§āϝāĻŧā§ āĻŦā§āĻļāĻŋ āĻŽāύ⧠āϰāĻžāĻāĻž āĻšāϝāĻŧ -- āϏā§āĻ āĻļāĻŦā§āĻĻāĻŦāύā§āϧāĻāĻŋ āϤāĻŋāύāĻŋ āϤāĻžāĻāϰ āϏāĻŽāĻā§āϰ āĻā§āĻŦāύ⧠āĻŽāĻžāϤā§āϰ ā§Š āĻŦāĻžāϰ āĻŦā§āϝāĻŦāĻšāĻžāϰ āĻāϰā§āĻā§āύāĨ¤ āĻāĻāĻŦāĻžāϰ The Theory of Moral Sentiments-āĻ, āĻāĻāĻŦāĻžāϰ The Wealth of Nations-āĻ, āĻāĻŦāĻ āĻāĻāĻŦāĻžāϰ History of Astronomy-āϤā§āĨ¤ Emma Rothschild āĻšāĻžāϰā§āĻāĻžāϰā§āĻĄ āĻŦāĻŋāĻļā§āĻŦāĻŦāĻŋāĻĻā§āϝāĻžāϞāϝāĻŧ āĻĨā§āĻā§ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āϤāĻžāĻāϰ āĻāĻŦā§āώāĻŖāĻž Economic Sentiments: Adam Smith, Condorcet, and the Enlightenment (2001)-āϤ⧠āĻāĻ āϤāĻĨā§āϝ āĻŦāĻŋāϏā§āϤāĻžāϰāĻŋāϤ āĻĒā§āϰāĻŽāĻžāĻŖ āϏāĻš āĻāĻĒāϏā§āĻĨāĻžāĻĒāύ āĻāϰā§āĻā§āύāĨ¤
āϤāĻŋāύāĻŦāĻžāϰāĨ¤ āĻŽāĻžāϤā§āϰ āϤāĻŋāύāĻŦāĻžāϰāĨ¤ āĻāĻāĻāĻŋ ā§§,ā§Ļā§Ļā§Ļ āĻĒā§āώā§āĻ āĻžāϰ āĻŦāĻ āĻĨā§āĻā§ āĻāĻāĻāĻŋ āĻŦāĻžāĻā§āϝāĨ¤ āĻāĻāĻāĻŋ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύā§āϰ āĻŦāĻ āĻĨā§āĻā§ āĻāĻāĻāĻŋ āϰā§āĻĒāĻāĨ¤ āĻāĻāĻāĻŋ āĻā§āϝā§āϤāĻŋāϰā§āĻŦāĻŋāĻĻā§āϝāĻžāϰ āĻĒā§āϰāĻŦāύā§āϧ āĻĨā§āĻā§ āĻāĻāĻāĻŋ āĻāĻĒāĻŽāĻžāĨ¤ āĻāĻ āϤāĻŋāύāĻāĻŋ āĻāϞā§āϞā§āĻ āĻĨā§āĻā§ āϤā§āϰāĻŋ āĻšāϝāĻŧā§āĻā§ āĻāϧā§āύāĻŋāĻ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻā§āϰ āĻĒā§āϰ⧠āĻŽāϤāĻžāĻĻāϰā§āĻļāĻŋāĻ āĻāĻŋāϤā§āϤāĻŋāĨ¤ āĻāĻāĻŋ āĻāĻŋ āĻāϤāĻŋāĻšāĻžāϏā§āϰ āϏāĻŦāĻā§āϝāĻŧā§ āĻŦāĻĄāĻŧ intellectual cherry-picking āύāϝāĻŧ? āĻ āĻĨāĻ Smith-āĻāϰ āĻĒā§āϰāĻĨāĻŽ āĻŦāĻāϝāĻŧā§āϰ āĻā§āύā§āĻĻā§āϰā§āϝāĻŧ āϧāĻžāϰāĻŖāĻž Impartial Spectator -- āϝāĻž āĻļāϤ āĻļāϤ āĻŦāĻžāϰ āĻāϞā§āϞā§āĻāĻŋāϤ āĻšāϝāĻŧā§āĻā§ -- āϏā§āĻāĻŋ āϏāĻŽā§āĻĒā§āϰā§āĻŖ āĻāĻĒā§āĻā§āώāĻŋāϤāĨ¤
āĻāĻŋāύā§āϤ⧠āĻāĻ āϏāĻžāϰāĻž āĻŦāĻŋāĻļā§āĻŦā§ Adam Smith āĻŽāĻžāύā§āĻ Invisible Hand, Invisible Hand āĻŽāĻžāύā§āĻ Free Market, āĻāϰ Free Market āĻŽāĻžāύā§āĻ CapitalismāĨ¤ āϤāĻžāĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύ, āϤāĻžāĻāϰ āϏāĻšāĻžāύā§āĻā§āϤāĻŋāϰ āϤāϤā§āϤā§āĻŦ, āϤāĻžāĻāϰ āϏāĻžāĻŽāĻžāĻāĻŋāĻ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦā§āϰ āĻŦāĻā§āϤāĻŦā§āϝ -- āϏāĻŦāĻāĻŋāĻā§ āϏāĻŽā§āĻĒā§āϰā§āĻŖ āĻā§āϞ⧠āϝāĻžāĻāϝāĻŧāĻž āĻšāϝāĻŧā§āĻā§āĨ¤ āĻŦāĻŋāĻļā§āĻŦāĻŦāĻŋāĻĻā§āϝāĻžāϞāϝāĻŧā§āϰ āĻ āϰā§āĻĨāύā§āϤāĻŋ āĻŦāĻŋāĻāĻžāĻā§ The Wealth of Nations āĻĒāĻĄāĻŧāĻžāύ⧠āĻšāϝāĻŧ, āĻāĻŋāύā§āϤ⧠The Theory of Moral Sentiments? āĻĒā§āϰāĻžāϝāĻŧ āĻā§āĻ āĻĒāĻĄāĻŧā§ āύāĻžāĨ¤ āĻāĻāĻŋ āĻāĻāĻāĻŋ āĻā§āϰā§āϝāĻžāĻā§āĻĄāĻŋ āϝāĻž āĻļā§āϧ⧠āĻāĻāĻžāĻĄā§āĻŽāĻŋāĻ āύāϝāĻŧ -- āĻāϰ āĻŦāĻžāϏā§āϤāĻŦ āĻĒāϰāĻŋāĻŖāϤāĻŋ āĻāĻŽāϰāĻž āĻĒā§āϰāϤāĻŋāĻĻāĻŋāύ āĻĻā§āĻāĻāĻŋ āĻŦā§āώāĻŽā§āϝ, āĻĒāϰāĻŋāĻŦā§āĻļ āϧā§āĻŦāĻāϏ āĻāĻŦāĻ āĻāϰā§āĻĨāĻŋāĻ āϏāĻāĻāĻā§āϰ āĻŽāϧā§āϝā§āĨ¤
āύā§āĻŦā§āϞ āĻŦāĻŋāĻāϝāĻŧā§ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻŦāĻŋāĻĻ Amartya Sen āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻā§āϰāύā§āĻĨ The Idea of Justice (2009)-āϤ⧠āϞāĻŋāĻā§āĻā§āύ āϝ⧠Adam Smith-āĻā§ āĻļā§āϧ⧠self-interest-āĻāϰ āϤāĻžāϤā§āϤā§āĻŦāĻŋāĻ āĻšāĻŋāϏā§āĻŦā§ āĻĒāĻĄāĻŧāĻž āĻāĻāĻāĻŋ āĻā§āϰā§āϤāϰ āĻŦāĻŋāĻā§āϤāĻŋāĨ¤ Sen āĻāϰāĻ āĻāĻā§ Theory and Reality in Development (1986)-āϤ⧠āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ Adam Smith's Prudence āĻĒā§āϰāĻŦāύā§āϧ⧠āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith-āĻāϰ prudence āϧāĻžāϰāĻŖāĻžāϝāĻŧ self-interest āĻāĻŦāĻ āϏāĻžāĻŽāĻžāĻāĻŋāĻ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦ āĻ āĻŦāĻŋāĻā§āĻā§āĻĻā§āϝāĻāĻžāĻŦā§ āĻāĻĄāĻŧāĻŋāϤ āĻāĻŋāϞāĨ¤ āĻāĻŋāύā§āϤ⧠āĻĒāϰāĻŦāϰā§āϤ⧠āĻ āϰā§āĻĨāύā§āϤāĻŋāĻŦāĻŋāĻĻāϰāĻž āĻļā§āϧ⧠self-interest āĻ āĻāĻļāĻā§āĻā§ āύāĻŋāϝāĻŧā§ āĻŦāĻžāĻāĻŋāĻāĻž āĻŦāĻžāĻĻ āĻĻāĻŋāϝāĻŧā§āĻā§āύāĨ¤
"The narrow reading of Smith that focuses only on self-interest is a serious distortion of his actual thought." -- Amartya Sen, The Idea of Justice, 2009
āϤāĻžāĻšāϞ⧠āĻĒā§āϰāĻļā§āύ āĻĻāĻžāĻāĻĄāĻŧāĻžāϝāĻŧ -- āĻā§āύ? āĻāĻžāϰāĻž āĻāĻāĻž āĻāϰāϞā§? āĻā§āĻāĻžāĻŦā§ āĻāϤāĻŋāĻšāĻžāϏā§āϰ āĻāĻ āĻŦāĻŋāĻļāĻžāϞ intellectual cherry-picking āĻāĻāϞā§? āĻā§āύ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻ Smith-āĻāϰ āĻ āϰā§āϧā§āĻ āĻĻāϰā§āĻļāύ āĻā§āϰāĻšāĻŖ āĻāϰ⧠āĻŦāĻžāĻāĻŋ āĻ āϰā§āϧā§āĻ āĻŦāĻžāĻĻ āĻĻāĻŋāϞ? āĻā§āύ Invisible Hand-āĻāϰ āĻāĻāĻāĻŋ āĻŦāĻžāĻā§āϝ āĻŦāĻŋāĻļā§āĻŦ āĻŦāĻĻāϞ⧠āĻĻāĻŋāϞ, āĻāĻŋāύā§āϤ⧠Impartial Spectator-āĻāϰ āĻļāϤ āĻļāϤ āĻĒā§āώā§āĻ āĻž āĻā§āύ⧠āĻĒā§āϰāĻāĻžāĻŦ āĻĢā§āϞāϤ⧠āĻĒāĻžāϰāϞ⧠āύāĻž? āĻāĻ āĻĒā§āϰāĻļā§āύāĻā§āϞā§āϰ āĻāϤā§āϤāϰ āĻļā§āϧ⧠āĻāĻāĻžāĻĄā§āĻŽāĻŋāĻ āĻā§āϤā§āĻšāϞ āύāϝāĻŧ -- āĻāĻāĻŋ āĻāĻŽāĻžāĻĻā§āϰ āĻŦāϰā§āϤāĻŽāĻžāύ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻ āĻŦā§āϝāĻŦāϏā§āĻĨāĻžāϰ āĻŽā§āϞ āϏāĻāĻāĻ āĻŦā§āĻāϤ⧠āϏāĻžāĻšāĻžāϝā§āϝ āĻāϰā§āĨ¤
āĻāĻ āĻāϰā§āĻāĻŋāĻā§āϞ⧠āĻāĻŽāϰāĻž āϏā§āĻ āĻĒā§āϰāĻļā§āύā§āϰ āĻāϤā§āϤāϰ āĻā§āĻāĻāĻŦāĨ¤ āĻāĻŽāϰāĻž āĻĻā§āĻāĻŦ Smith āĻāϏāϞ⧠āĻā§ āĻŦāϞā§āĻāĻŋāϞā§āύ, āĻāϰ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻ āĻā§ āĻļā§āύā§āĻā§āĨ¤ āĻāĻŽāϰāĻž āĻĻā§āĻāĻŦ āĻā§āĻāĻžāĻŦā§ āĻļāĻŋāϞā§āĻĒ āĻŦāĻŋāĻĒā§āϞāĻŦ, Chicago School, Cold War āϰāĻžāĻāύā§āϤāĻŋ āĻāĻŦāĻ āĻāĻŖāĻŋāϤā§āϰ āĻāϧāĻŋāĻĒāϤā§āϝ āĻŽāĻŋāϞ⧠Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύāĻā§ āĻāϤāĻŋāĻšāĻžāϏ āĻĨā§āĻā§ āĻŽā§āĻā§ āĻĢā§āϞā§āĻā§āĨ¤ āĻĒā§āϰāϤāĻŋāĻāĻŋ āĻĻāĻžāĻŦāĻŋāϰ āĻĒā§āĻāύ⧠āĻĨāĻžāĻāĻŦā§ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻāĻžāĻĄā§āĻŽāĻŋāĻ āĻāĻŦā§āώāĻŖāĻž, āύāĻŋāϰā§āĻĻāĻŋāώā§āĻ āĻā§āϰāύā§āĻĨ āĻāĻŦāĻ āĻĒāĻŖā§āĻĄāĻŋāϤāĻĻā§āϰ āύāĻžāĻŽāĨ¤ āĻā§āύ⧠āĻ āύā§āĻŽāĻžāύ āύāϝāĻŧ, āĻā§āύ⧠āĻŽāϤāĻžāĻŽāϤ āύāϝāĻŧ -- āĻļā§āϧ⧠āĻĒā§āϰāĻŽāĻžāĻŖāĨ¤
āĻāĻāĻāĻŋ āϤā§āϞāύāĻž āĻĻāĻŋāϞ⧠āĻŦāĻŋāώāϝāĻŧāĻāĻŋ āĻāϰāĻ āĻĒāϰāĻŋāώā§āĻāĻžāϰ āĻšāĻŦā§āĨ¤ āĻāϞā§āĻĒāύāĻž āĻāϰā§āύ āĻā§āĻ Shakespeare-āĻāϰ āϏāĻŽāĻā§āϰ āϰāĻāύāĻž āĻĨā§āĻā§ āĻāĻāĻāĻŋ āĻŽāĻžāϤā§āϰ āĻŦāĻžāĻā§āϝ āϤā§āϞ⧠āύāĻŋāϝāĻŧā§ āĻŦāϞāϞ⧠-- āĻāĻāĻŋāĻ Shakespeare-āĻāϰ āĻŽā§āϞ āĻŦāĻžāϰā§āϤāĻžāĨ¤ āĻŦāĻžāĻāĻŋ ā§Šā§āĻāĻŋ āύāĻžāĻāĻ, ā§§ā§Ģā§ĒāĻāĻŋ sonnet -- āϏāĻŦ āĻāĻĒā§āĻā§āώāĻž āĻāϰā§āĨ¤ āĻ āĻŋāĻ āĻāĻāĻŋāĻ āĻāϰāĻž āĻšāϝāĻŧā§āĻā§ Adam Smith-āĻāϰ āϏāĻžāĻĨā§āĨ¤ āĻāĻāĻāĻŋ ā§§,ā§Ļā§Ļā§Ļ āĻĒā§āώā§āĻ āĻžāϰ āĻŦāĻ āĻĨā§āĻā§ āĻāĻāĻāĻŋ āĻŦāĻžāĻā§āϝ, āĻāĻŦāĻ āĻāϰā§āĻāĻāĻŋ āϏāĻŽā§āĻĒā§āϰā§āĻŖ āĻŦāĻ -- The Theory of Moral Sentiments -- āĻĒā§āϰā§āĻāĻžāĻ āĻāĻĒā§āĻā§āώāĻŋāϤāĨ¤
āĻāĻ āĻĒā§āϰāĻļā§āύā§āϰ āĻāϤā§āϤāϰ āĻāĻžāύāϤ⧠āĻšāϞ⧠āĻāĻŽāĻžāĻĻā§āϰ āĻĒā§āϰāĻĨāĻŽā§ āĻŦā§āĻāϤ⧠āĻšāĻŦā§ -- Invisible Hand āĻāϰ Impartial Spectator āĻāϏāϞ⧠āĻā§? āĻāϞā§āύ Smith-āĻāϰ āύāĻŋāĻā§āϰ āĻāĻĨāĻž āĻĻāĻŋāϝāĻŧā§ āĻļā§āϰ⧠āĻāϰāĻŋāĨ¤
The Invisible Hand -- āĻāϏāϞ⧠āĻā§ āĻŦāϞā§āĻāĻŋāϞā§āύ Adam Smith?
Invisible HandāĨ¤ āĻāĻ āĻĻā§āĻāĻŋ āĻļāĻŦā§āĻĻ āϏāĻŽā§āĻāĻŦāϤ āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ āĻāϤāĻŋāĻšāĻžāϏ⧠āϏāĻŦāĻā§āϝāĻŧā§ āĻŦāĻŋāĻā§āϝāĻžāϤāĨ¤ āĻāĻ āϧāĻžāϰāĻŖāĻžāĻāĻŋāϰ āĻāĻĒāϰ āĻāĻŋāϤā§āϤāĻŋ āĻāϰ⧠free market capitalism-āĻāϰ āĻĒā§āϰ⧠āĻŽāϤāĻžāĻĻāϰā§āĻļ āĻĻāĻžāĻāĻĄāĻŧāĻŋāϝāĻŧā§ āĻāĻā§āĨ¤ āĻāĻŋāύā§āϤ⧠āĻāĻļā§āĻāϰā§āϝā§āϰ āĻŦāĻŋāώāϝāĻŧ āĻšāϞā§, āĻŦā§āĻļāĻŋāϰāĻāĻžāĻ āĻŽāĻžāύā§āώ āϝāĻžāϰāĻž āĻāĻ āĻļāĻŦā§āĻĻāĻāĻŋ āĻŦā§āϝāĻŦāĻšāĻžāϰ āĻāϰā§āύ āϤāĻžāϰāĻž āĻāĻāύ⧠Smith-āĻāϰ āĻŽā§āϞ āϞā§āĻāĻž āĻĒāĻĄāĻŧā§āύāύāĻŋāĨ¤ āϤāĻžāϰāĻž āĻāĻžāύā§āύ āύāĻž Smith āĻāϏāϞ⧠āĻā§ āĻĒā§āϰāϏāĻā§āĻā§, āĻā§ āĻ āϰā§āĻĨā§ āĻāĻ āĻļāĻŦā§āĻĻāĻāĻŋ āĻŦā§āϝāĻŦāĻšāĻžāϰ āĻāϰā§āĻāĻŋāϞā§āύāĨ¤ āĻāĻ āĻ āĻā§āĻāϤāĻžāĻ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻā§āϰ āϏāĻŦāĻā§āϝāĻŧā§ āĻŦāĻĄāĻŧ myth āϤā§āϰāĻŋ āĻāϰā§āĻā§āĨ¤
āĻĒā§āϰāĻĨāĻŽā§ The Wealth of Nations (1776)-āĻāϰ āĻāĻĻā§āϧā§āϤāĻŋāĻāĻŋ āĻĻā§āĻāĻž āϝāĻžāĻāĨ¤ Book IV, Chapter 2-āϤ⧠Smith āϞāĻŋāĻā§āĻā§āύ: 'he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.' āĻāĻāĻŋāĻ āϏā§āĻ āĻŦāĻŋāĻā§āϝāĻžāϤ āĻŦāĻžāĻā§āϝāĨ¤ āĻĒā§āϰ⧠Wealth of Nations -- āϝāĻž ā§§,ā§Ļā§Ļā§Ļ āĻĒā§āώā§āĻ āĻžāϰāĻ āĻŦā§āĻļāĻŋ āĻĻā§āϰā§āĻ -- āϤāĻžāϤ⧠invisible hand āĻļāĻŦā§āĻĻāĻāĻŋ āĻāĻ āĻāĻāĻāĻŋ āĻŦāĻžāĻā§āϝā§āĻ āĻāĻā§āĨ¤ āĻāĻāĻāĻŋ āĻŦāĻžāĻā§āϝāĨ¤ āĻāĻāĻāĻŋ āĻŽāĻžāϤā§āϰ āĻŦāĻžāĻā§āϝ āĻĨā§āĻā§ āϤā§āϰāĻŋ āĻšāϝāĻŧā§āĻā§ āĻāϧā§āύāĻŋāĻ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻā§āϰ āϏāĻŦāĻā§āϝāĻŧā§ āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ sloganāĨ¤
āĻāĻŋāύā§āϤ⧠āĻāĻ āĻŦāĻžāĻā§āϝā§āϰ āĻĒā§āϰāϏāĻā§āĻāĻāĻŋ āĻā§ āĻāĻŋāϞ? Smith āĻāĻāĻžāύ⧠āĻŦāϞāĻāĻŋāϞā§āύ āϝ⧠āĻĻā§āĻļā§āϝāĻŧ āĻŦāĻŖāĻŋāĻāϰāĻž āĻŦāĻŋāĻĻā§āĻļā§ āĻŦāĻŋāύāĻŋāϝāĻŧā§āĻā§āϰ āĻā§āϝāĻŧā§ āĻĻā§āĻļā§ āĻŦāĻŋāύāĻŋāϝāĻŧā§āĻ āĻĒāĻāύā§āĻĻ āĻāϰā§āύ -- āĻāĻžāϰāĻŖ āĻŦāĻŋāĻĻā§āĻļā§ āĻā§āĻāĻāĻŋ āĻŦā§āĻļāĻŋāĨ¤ āĻāĻ āĻĒāĻāύā§āĻĻā§āϰ āĻĢāϞ⧠āĻĻā§āĻļā§āϝāĻŧ āĻ āϰā§āĻĨāύā§āϤāĻŋ āϞāĻžāĻāĻŦāĻžāύ āĻšāϝāĻŧ, āϝāĻĻāĻŋāĻ āĻŦāĻŖāĻŋāĻā§āϰ āĻāĻĻā§āĻĻā§āĻļā§āϝ āĻāĻŋāϞ āĻļā§āϧ⧠āύāĻŋāĻā§āϰ āĻā§āĻāĻāĻŋ āĻāĻŽāĻžāύā§āĨ¤ āĻāĻāĻŋāĻ invisible handāĨ¤ āĻāĻāĻŋ āĻā§āύ⧠grand economic theory āύāϝāĻŧ, āĻā§āύ⧠universal law āύāϝāĻŧ -- āĻāĻāĻŋ āĻāĻāĻāĻŋ āύāĻŋāϰā§āĻĻāĻŋāώā§āĻ āĻĒāϰāĻŋāϏā§āĻĨāĻŋāϤāĻŋāϰ āĻāĻāĻāĻŋ āĻĒāϰā§āϝāĻŦā§āĻā§āώāĻŖāĨ¤ āĻāĻŋāύā§āϤ⧠āĻĒāϰāĻŦāϰā§āϤ⧠āĻ āϰā§āĻĨāύā§āϤāĻŋāĻŦāĻŋāĻĻāϰāĻž āĻāĻ āĻāĻāĻāĻŋ āĻŦāĻžāĻā§āϝ āĻĨā§āĻā§ āĻĒā§āϰ⧠laissez-faire āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ āϤāĻžāϤā§āϤā§āĻŦāĻŋāĻ āĻāĻŋāϤā§āϤāĻŋ āϤā§āϰāĻŋ āĻāϰ⧠āĻĢā§āϞā§āĻā§āύāĨ¤
āĻĻā§āĻŦāĻŋāϤā§āϝāĻŧ āĻāϞā§āϞā§āĻāĻāĻŋ āĻāϰāĻ āĻŽāĻāĻžāϰāĨ¤ The Theory of Moral Sentiments (1759), Part IV, Chapter 1-āĻ Smith āϞāĻŋāĻā§āĻā§āύ: āϧāύā§āϰāĻž 'are led by an invisible hand to make nearly the same distribution of the necessaries of life, which would have been made had the earth been divided into equal portions among all its inhabitants.' āϞāĻā§āώā§āϝ āĻāϰā§āύ -- āĻāĻāĻžāύ⧠Smith āĻŦāϞāĻā§āύ invisible hand āϧāύā§āĻĻā§āϰ āϏāĻŽā§āĻĒāĻĻ āĻĒā§āύāϰā§āĻŦāĻŖā§āĻāύ⧠āĻā§āĻŽāĻŋāĻāĻž āϰāĻžāĻā§āĨ¤ āĻāĻāĻŋ free market-āĻāϰ āύāϝāĻŧ, āĻŦāϰāĻ wealth distribution-āĻāϰ āĻāĻĨāĻž! āĻāĻŋāύā§āϤ⧠āĻāĻ āĻĒā§āϰāϏāĻā§āĻāĻāĻŋ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻā§āϰ āϏāĻŽāϰā§āĻĨāĻāϰāĻž āĻāĻāύ⧠āĻāϞā§āϞā§āĻ āĻāϰā§āύ āύāĻžāĨ¤
āϤā§āϤā§āϝāĻŧ āĻāϞā§āϞā§āĻāĻāĻŋ āϏāĻŦāĻā§āϝāĻŧā§ āĻ āĻĒā§āϰāĻžāϏāĻā§āĻāĻŋāĻāĨ¤ History of Astronomy āύāĻžāĻŽā§ Smith-āĻāϰ āĻāĻāĻāĻŋ āĻĒā§āϰāĻžāϰāĻŽā§āĻāĻŋāĻ āĻĒā§āϰāĻŦāύā§āϧ⧠āϤāĻŋāύāĻŋ invisible hand āĻŦā§āϝāĻŦāĻšāĻžāϰ āĻāϰā§āĻā§āύ āĻĒā§āϰāĻžāĻā§āύ āĻā§āϰāĻŋāĻ āĻĒā§āϰāĻžāĻŖā§ āĻĻā§āĻŦāϤāĻž Jupiter-āĻāϰ āĻšāϏā§āϤāĻā§āώā§āĻĒ āĻŦā§āĻāĻžāϤā§āĨ¤ āĻāĻāĻŋ āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ āϏāĻžāĻĨā§ āϏāĻŽā§āĻĒā§āϰā§āĻŖ āϏāĻŽā§āĻĒāϰā§āĻāĻšā§āύāĨ¤ āĻāĻŋāύā§āϤ⧠āĻāĻāĻŋāĻ āĻāĻŖāύāĻžāϝāĻŧ āĻāϏ⧠-- āĻāĻžāϰāĻŖ Smith-āĻāϰ āϏāĻŽāĻā§āϰ āϰāĻāύāĻžāϝāĻŧ invisible hand āĻŽā§āĻ āĻāĻ āϤāĻŋāύāĻŦāĻžāϰāĻ āĻāĻā§āĨ¤ āĻāĻāĻāĻŋ āĻā§āϝā§āϤāĻŋāϰā§āĻŦāĻŋāĻĻā§āϝāĻžāϰ āϰā§āĻĒāĻ, āĻāĻāĻāĻŋ āϏāĻŽā§āĻĒāĻĻ āĻŦāĻŖā§āĻāύā§āϰ āĻĒāϰā§āϝāĻŦā§āĻā§āώāĻŖ, āĻāĻŦāĻ āĻāĻāĻāĻŋ āĻŦāĻžāĻŖāĻŋāĻā§āϝāĻŋāĻ āĻāĻāϰāĻŖā§āϰ āĻŦāϰā§āĻŖāύāĻž -- āĻāĻ āϤāĻŋāύāĻāĻŋ āĻĨā§āĻā§ āϤā§āϰāĻŋ āĻšāϝāĻŧā§āĻā§ free market capitalism-āĻāϰ āĻĒā§āϰ⧠āĻŽāϤāĻžāĻĻāϰā§āĻļāĻŋāĻ āĻāĻŋāϤā§āϤāĻŋāĨ¤
Emma Rothschild -- āĻšāĻžāϰā§āĻāĻžāϰā§āĻĄ āĻŦāĻŋāĻļā§āĻŦāĻŦāĻŋāĻĻā§āϝāĻžāϞāϝāĻŧā§āϰ āĻāϤāĻŋāĻšāĻžāϏā§āϰ āĻ āϧā§āϝāĻžāĻĒāĻ -- āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻž Economic Sentiments (2001, Harvard University Press)-āϤ⧠āϏā§āĻĒāώā§āĻ āĻāĻžāώāĻžāϝāĻŧ āϞāĻŋāĻā§āĻā§āύ: invisible hand āĻāĻāύ⧠āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ āĻā§āύ⧠āĻŦā§āĻšā§ āϤāϤā§āϤā§āĻŦ āĻšāĻāϝāĻŧāĻžāϰ āĻāĻĻā§āĻĻā§āĻļā§āϝ⧠āϞā§āĻāĻž āĻšāϝāĻŧāύāĻŋāĨ¤ Smith āĻāĻāĻŋ āĻāĻāĻāĻŋ āĻā§āώā§āĻĻā§āϰ āϰā§āĻĒāĻ āĻšāĻŋāϏā§āĻŦā§ āĻŦā§āϝāĻŦāĻšāĻžāϰ āĻāϰā§āĻāĻŋāϞā§āύāĨ¤ Rothschild āĻāϰāĻ āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith-āĻāϰ āĻŽā§āϤā§āϝā§āϰ āĻĒāϰ āĻĒā§āϰāĻžāϝāĻŧ āĻāĻ āĻļāϤāĻžāĻŦā§āĻĻā§ invisible hand āϧāĻžāϰāĻŖāĻžāĻāĻŋ āĻā§āĻ āĻā§āϰā§āϤā§āĻŦ āĻĻā§āϝāĻŧāύāĻŋ -- āĻāĻāĻŋ ⧍ā§Ļ āĻļāϤāĻā§ āύāϤā§āύ āĻāϰ⧠āĻāĻŦāĻŋāώā§āĻā§āϤ āĻšāϝāĻŧā§āĻā§ āύāĻŋāϰā§āĻĻāĻŋāώā§āĻ āϰāĻžāĻāύā§āϤāĻŋāĻ āĻ āĻāĻĻāϰā§āĻļāĻŋāĻ āĻāĻžāϰāĻŖā§āĨ¤
Gavin Kennedy -- Heriot-Watt āĻŦāĻŋāĻļā§āĻŦāĻŦāĻŋāĻĻā§āϝāĻžāϞāϝāĻŧā§āϰ āĻ āϧā§āϝāĻžāĻĒāĻ āĻāĻŦāĻ Adam Smith āĻŦāĻŋāĻļā§āώāĻā§āĻ -- āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻžāϝāĻŧ (2009) āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠invisible hand āĻāĻŋāϞ āĻļā§āϧā§āĻŽāĻžāϤā§āϰ āĻāĻāĻāĻŋ āĻāĻĻāĻžāĻšāϰāĻŖ, āĻā§āύ⧠āύā§āϤāĻŋ āĻĒā§āϰāϏā§āϤāĻžāĻŦāύāĻž āύāϝāĻŧāĨ¤ Smith āĻāĻāύ⧠āĻŦāϞā§āύāύāĻŋ āϝ⧠āϏāϰāĻāĻžāϰ āĻšāϏā§āϤāĻā§āώā§āĻĒ āĻāϰāĻŦā§ āύāĻž, āĻāĻāύ⧠āĻŦāϞā§āύāύāĻŋ āϝ⧠āĻļā§āϧ⧠self-interest-āĻ āϝāĻĨā§āώā§āĻ, āĻāĻāύ⧠āĻŦāϞā§āύāύāĻŋ āϝ⧠market āϏāĻŦāĻāĻŋāĻā§ āϏāĻŽāĻžāϧāĻžāύ āĻāϰāĻŦā§āĨ¤ āĻāĻ āϏāĻŦāĻāĻŋāĻā§ āĻĒāϰāĻŦāϰā§āϤ⧠āĻ āϰā§āĻĨāύā§āϤāĻŋāĻŦāĻŋāĻĻāϰāĻž Smith-āĻāϰ āύāĻžāĻŽā§ āĻāĻžāĻĒāĻŋāϝāĻŧā§ āĻĻāĻŋāϝāĻŧā§āĻā§āύāĨ¤
āϤāĻžāĻšāϞ⧠āĻāϧā§āύāĻŋāĻ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻ Invisible Hand āĻĨā§āĻā§ āϝāĻž āĻŦā§āĻā§ āϏā§āĻāĻŋ āĻā§? āϏā§āĻāĻŋ āĻšāϞ⧠-- āĻŦāĻžāĻāĻžāϰ āϏā§āĻŦāϝāĻŧāĻāĻā§āϰāĻŋāϝāĻŧāĻāĻžāĻŦā§ āύāĻŋāϝāĻŧāύā§āϤā§āϰāĻŋāϤ āĻšāϝāĻŧ, āϏāϰāĻāĻžāϰā§āϰ āĻšāϏā§āϤāĻā§āώā§āĻĒ āĻ āĻĒā§āϰāϝāĻŧā§āĻāύā§āϝāĻŧ, āĻŦā§āϝāĻā§āϤāĻŋāĻāϤ āϞā§āĻāĻ āϏāĻŽāĻžāĻā§āϰ āĻāϞā§āϝāĻžāĻŖ āĻāϰā§, āĻāĻŦāĻ greed is goodāĨ¤ āĻāĻŋāύā§āϤ⧠Smith-āĻāϰ āĻāϏāϞ āĻŦāĻā§āϤāĻŦā§āϝ āĻāĻŋāϞ āĻ āύā§āĻ āĻŦā§āĻļāĻŋ āϏā§āĻŽāĻŋāϤ āĻāĻŦāĻ āϏā§āĻā§āώā§āĻŽāĨ¤ āϤāĻŋāύāĻŋ āĻāĻāĻāĻŋ āύāĻŋāϰā§āĻĻāĻŋāώā§āĻ āĻĒāϰāĻŋāϏā§āĻĨāĻŋāϤāĻŋāϤ⧠āĻāĻāĻāĻŋ āύāĻŋāϰā§āĻĻāĻŋāώā§āĻ āĻĢāϞāĻžāĻĢāϞā§āϰ āĻāĻĨāĻž āĻŦāϞā§āĻāĻŋāϞā§āύ -- āϏā§āĻāĻŋāĻā§ universal economic law-āϤ⧠āĻĒāϰāĻŋāĻŖāϤ āĻāϰāĻž Smith-āĻāϰ āĻāĻŋāύā§āϤāĻžāϰ āĻā§āϰā§āϤāϰ āĻŦāĻŋāĻā§āϤāĻŋāĨ¤
āĻāϰāĻ āĻāĻāĻāĻŋ āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ āϤāĻĨā§āϝ: Smith-āĻāϰ āĻā§āĻŦāĻĻā§āĻĻāĻļāĻžāϝāĻŧ āĻāĻŦāĻ āĻŽā§āϤā§āϝā§āϰ āĻĒāϰāĻŦāϰā§āϤ⧠āĻĒā§āϰāĻžāϝāĻŧ āĻāĻāĻļ āĻŦāĻāϰ⧠invisible hand āĻā§āύ⧠āĻŦāĻŋāĻļā§āώ āĻā§āϰā§āϤā§āĻŦ āĻĒāĻžāϝāĻŧāύāĻŋāĨ¤ ⧧⧝ āĻļāϤāĻā§āϰ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻŦāĻŋāĻĻāϰāĻž -- David Ricardo, John Stuart Mill, Karl Marx -- āĻā§āĻāĻ invisible hand-āĻā§ Smith-āĻāϰ āĻŽā§āϞ āĻ āĻŦāĻĻāĻžāύ āĻŽāύ⧠āĻāϰāϤā§āύ āύāĻžāĨ¤ Emma Rothschild (2001)-āĻāϰ āĻāĻŦā§āώāĻŖāĻž āĻ āύā§āϝāĻžāϝāĻŧā§, invisible hand-āĻāϰ āĻŽāĻšāĻŋāĻŽāĻžāύā§āĻŦāĻŋāϤāĻāϰāĻŖ āĻļā§āϰ⧠āĻšāϝāĻŧā§āĻ⧠⧍ā§Ļ āĻļāϤāĻā§āϰ āĻŽāĻžāĻāĻžāĻŽāĻžāĻāĻŋ āĻĨā§āĻā§, āύāĻŋāϰā§āĻĻāĻŋāώā§āĻ āϰāĻžāĻāύā§āϤāĻŋāĻ āĻ āĻāĻĻāϰā§āĻļāĻŋāĻ āĻāĻžāϰāĻŖā§āĨ¤
⧧⧝ā§ā§Ŧ āϏāĻžāϞ⧠The Wealth of Nations-āĻāϰ ⧍ā§Ļā§ĻāϤāĻŽ āĻŦāĻžāϰā§āώāĻŋāĻā§āϤ⧠University of Chicago-āϤ⧠āĻāĻāĻāĻŋ āĻŦāĻŋāĻļā§āώ āϏāĻŽā§āĻŽā§āϞāύ āĻšāϝāĻŧāĨ¤ āϏā§āĻāĻžāύ⧠George Stigler invisible hand-āĻā§ Smith-āĻāϰ central message āĻšāĻŋāϏā§āĻŦā§ āĻāĻĒāϏā§āĻĨāĻžāĻĒāύ āĻāϰā§āύāĨ¤ āĻāĻāĻŋ āĻāĻŋāϞ āĻāĻāĻāĻŋ āϏāĻā§āϤāύ academic branding -- āϝāĻž āĻĒāϰāĻŦāϰā§āϤā§āϤ⧠textbook-āĻ, āϰāĻžāĻāύā§āϤāĻŋāĻ āĻŦāĻā§āϤā§āϤāĻžāϝāĻŧ, āĻāĻŦāĻ āĻāύāϏāĻžāϧāĻžāϰāĻŖā§āϰ āĻŽāύ⧠invisible hand-āĻā§ Smith-āĻāϰ āĻĒā§āϰāϤāĻŋāĻļāĻŦā§āĻĻ āĻšāĻŋāϏā§āĻŦā§ āĻĒā§āϰāϤāĻŋāώā§āĻ āĻŋāϤ āĻāϰā§āĻā§āĨ¤
| āϰāĻāύāĻž | āĻĒā§āϰāĻāĻžāĻļāĻāĻžāϞ | āĻŽā§āϞ āĻāĻĻā§āϧā§āϤāĻŋ | āĻĒā§āϰāϏāĻā§āĻ | āĻāϏāϞ āĻ āϰā§āĻĨ |
| The Wealth of Nations (Book IV, Ch.2) | 1776 | led by an invisible hand to promote an end which was no part of his intention | āĻĻā§āĻļā§āϝāĻŧ āĻŦāĻŖāĻŋāĻāĻĻā§āϰ āĻŦāĻŋāύāĻŋāϝāĻŧā§āĻ āĻĒāĻāύā§āĻĻ | āĻŦā§āϝāĻā§āϤāĻŋāĻāϤ āĻā§āĻāĻāĻŋ āĻāĻĄāĻŧāĻžāύ⧠āĻĻā§āĻļā§āϝāĻŧ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻā§ āϏāĻžāĻšāĻžāϝā§āϝ āĻāϰ⧠|
| The Theory of Moral Sentiments (Part IV, Ch.1) | 1759 | led by an invisible hand to make nearly the same distribution of the necessaries of life | āϧāύā§āĻĻā§āϰ āĻā§āĻ āĻ āϏāĻŽā§āĻĒāĻĻ āĻŦāĻŖā§āĻāύ | āϧāύā§āĻĻā§āϰ āĻŦā§āϝāϝāĻŧ āĻĻāϰāĻŋāĻĻā§āϰāĻĻā§āϰ āĻāĻžāĻā§ āĻĒā§āĻāĻāĻžāϝāĻŧ -- wealth distribution |
| History of Astronomy | āϰāĻāύāĻž ~1750s | invisible hand of Jupiter | āĻĒā§āϰāĻžāĻā§āύ āĻā§āϰāĻŋāĻ āĻĒā§āϰāĻžāĻŖā§ āĻĻā§āĻŦāϤāĻžāϰ āĻšāϏā§āϤāĻā§āώā§āĻĒ | āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ āϏāĻžāĻĨā§ āϏāĻŽā§āĻĒā§āϰā§āĻŖ āϏāĻŽā§āĻĒāϰā§āĻāĻšā§āύ āϰā§āĻĒāĻ |
Note: āĻāĻĻā§āϧā§āϤāĻŋ Adam Smith-āĻāϰ āĻŽā§āϞ āϰāĻāύāĻž āĻĨā§āĻā§āĨ¤ āĻŦāĻŋāĻļā§āϞā§āώāĻŖ Emma Rothschild (Harvard), Gavin Kennedy (Heriot-Watt), āĻāĻŦāĻ Amartya Sen-āĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻžāϰ āĻāĻŋāϤā§āϤāĻŋāϤā§āĨ¤
āϤāĻžāĻšāϞ⧠Smith-āĻāϰ āϏāĻŽāĻā§āϰ āϰāĻāύāĻžāϝāĻŧ Invisible Hand āĻŽāĻžāϤā§āϰ ā§Š āĻŦāĻžāϰāĨ¤ āĻāĻŋāύā§āϤ⧠āϤāĻžāĻāϰ āĻāϏāϞ āĻā§āύā§āĻĻā§āϰā§āϝāĻŧ āϧāĻžāϰāĻŖāĻž -- Impartial Spectator -- āϏā§āĻāĻŋ āĻā§ āĻāĻŋāϞ? āĻāϞā§āύ āĻĻā§āĻāĻŋāĨ¤
The Impartial Spectator -- Adam Smith-āĻāϰ āĻāϏāϞ āĻĻāϰā§āĻļāύ
The Theory of Moral Sentiments -- Adam Smith-āĻāϰ āĻĒā§āϰāĻĨāĻŽ āĻŦāĻ, The Wealth of Nations-āĻāϰ ā§§ā§ āĻŦāĻāϰ āĻāĻā§ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ (ā§§ā§ā§Ģ⧝)āĨ¤ āĻāĻ āĻŦāĻāĻāĻŋ Smith-āĻā§ āĻĒā§āϰāĻĨāĻŽ āĻŦāĻŋāĻā§āϝāĻžāϤ āĻāϰā§āĻāĻŋāϞ, Wealth of Nations āύāϝāĻŧāĨ¤ āĻāĻŦāĻ āĻāĻ āĻŦāĻāϝāĻŧā§āϰ āĻā§āύā§āĻĻā§āϰā§āϝāĻŧ āϧāĻžāϰāĻŖāĻž āĻšāϞ⧠Impartial Spectator -- āύāĻŋāϰāĻĒā§āĻā§āώ āĻĻāϰā§āĻļāĻāĨ¤ āĻāĻāĻŋ āĻā§āύ⧠āĻŦāĻžāĻšā§āϝāĻŋāĻ āϏāϤā§āϤāĻž āύāϝāĻŧ, āĻāĻāĻŋ āĻāĻŽāĻžāĻĻā§āϰ āĻŽāύā§āϰ āĻā§āϤāϰ⧠āĻŦāϏāĻŦāĻžāϏāĻāĻžāϰ⧠āĻāĻāĻāĻŋ āĻāϞā§āĻĒāĻŋāϤ āύāĻŋāϰāĻĒā§āĻā§āώ āĻĒāϰā§āϝāĻŦā§āĻā§āώāĻ āϝ⧠āĻāĻŽāĻžāĻĻā§āϰ āĻĒā§āϰāϤāĻŋāĻāĻŋ āϏāĻŋāĻĻā§āϧāĻžāύā§āϤ, āĻĒā§āϰāϤāĻŋāĻāĻŋ āĻāĻāϰāĻŖ āĻŦāĻŋāĻāĻžāϰ āĻāϰā§āĨ¤ āĻāĻāĻŋ āĻšāϞ⧠āĻāĻŽāĻžāĻĻā§āϰ āύā§āϤāĻŋāĻ āĻŦāĻŋāĻŦā§āĻāĨ¤
Smith-āĻāϰ āύāĻŋāĻā§āϰ āĻāĻžāώāĻžāϝāĻŧ (TMS Part III, Chapter 3): 'We endeavour to examine our own conduct as we imagine any other fair and impartial spectator would examine it.' āĻ āϰā§āĻĨāĻžā§ āĻāĻŽāϰāĻž āϝāĻāύ āĻā§āύ⧠āϏāĻŋāĻĻā§āϧāĻžāύā§āϤ āύāĻŋāĻ, āϤāĻāύ āĻāϞā§āĻĒāύāĻž āĻāϰāĻŋ āĻāĻāĻāύ āύā§āϝāĻžāϝāĻŧāĻĒāϰāĻžāϝāĻŧāĻŖ, āύāĻŋāϰāĻĒā§āĻā§āώ āĻĒāϰā§āϝāĻŦā§āĻā§āώāĻ āĻāĻŽāĻžāĻĻā§āϰ āĻĻā§āĻāĻā§āύ -- āĻāĻŦāĻ āϤāĻžāĻāϰ āĻŦāĻŋāĻāĻžāϰā§āϰ āĻāĻŋāϤā§āϤāĻŋāϤ⧠āĻāĻŽāϰāĻž āύāĻŋāĻā§āĻĻā§āϰ āĻāĻāϰāĻŖ āϏāĻāĻļā§āϧāύ āĻāϰāĻŋāĨ¤ āĻāĻāĻŋ conscience āĻŦāĻž āĻŦāĻŋāĻŦā§āĻā§āϰ Smith-ā§āϝāĻŧ āϏāĻāĻā§āĻāĻžāĨ¤ āĻāĻāĻŋ āĻļā§āϧ⧠āĻāĻāĻāĻŋ āĻĻāĻžāϰā§āĻļāύāĻŋāĻ āϧāĻžāϰāĻŖāĻž āύāϝāĻŧ -- āĻāĻāĻŋ āĻāĻāĻāĻŋ āϏāĻŽā§āĻĒā§āϰā§āĻŖ āύā§āϤāĻŋāĻ āĻŦā§āϝāĻŦāϏā§āĻĨāĻžāϰ āĻāĻŋāϤā§āϤāĻŋāĨ¤
D.D. Raphael -- Oxford āĻŦāĻŋāĻļā§āĻŦāĻŦāĻŋāĻĻā§āϝāĻžāϞāϝāĻŧā§āϰ āĻĻāĻžāϰā§āĻļāύāĻŋāĻ -- āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻā§āϰāύā§āĻĨ The Impartial Spectator: Adam Smith's Moral Philosophy (2007, Oxford University Press)-āϤ⧠āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Impartial Spectator āϧāĻžāϰāĻŖāĻžāĻāĻŋ TMS-āĻā§āĻĄāĻŧā§ āĻļāϤ āĻļāϤ āĻŦāĻžāϰ āĻāϞā§āϞā§āĻāĻŋāϤ āĻšāϝāĻŧā§āĻā§āĨ¤ āĻāĻāĻŋ āĻā§āύ⧠āĻĒāĻžāϰā§āĻļā§āĻŦ āϧāĻžāϰāĻŖāĻž āύāϝāĻŧ -- āĻāĻāĻŋāĻ āĻŦāĻāϝāĻŧā§āϰ āĻŽā§āϞ āϏā§āϤāĻŽā§āĻāĨ¤ Raphael āĻāϰāĻ āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith āϤāĻžāĻāϰ āϏāĻžāϰāĻž āĻā§āĻŦāύ āĻāĻ āϧāĻžāϰāĻŖāĻžāĻāĻŋ āĻĒāϰāĻŋāĻŽāĻžāϰā§āĻāύ āĻāϰā§āĻā§āύ -- āώāώā§āĻ āĻāĻŦāĻ āĻā§āĻĄāĻŧāĻžāύā§āϤ āϏāĻāϏā§āĻāϰāĻŖā§ (1790) Impartial Spectator-āĻāϰ āĻā§āĻŽāĻŋāĻāĻž āĻāϰāĻ āĻŦāĻŋāϏā§āϤā§āϤ āĻāϰāĻž āĻšāϝāĻŧā§āĻā§āĨ¤
Impartial Spectator-āĻāϰ āĻŽā§āϞ āĻāĻŋāϤā§āϤāĻŋ āĻšāϞ⧠sympathy āĻŦāĻž āϏāĻšāĻžāύā§āĻā§āϤāĻŋāĨ¤ āĻāĻŦāĻ āĻāĻāĻžāύ⧠Smith-āĻāϰ āϏāĻŦāĻā§āϝāĻŧā§ āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ āĻŦāĻžāĻā§āϝāĻāĻŋ āĻāϏā§āĨ¤ The Theory of Moral Sentiments-āĻāϰ āĻĒā§āϰāĻĨāĻŽ āĻŦāĻžāĻā§āϝ -- āĻšā§āϝāĻžāĻ, āĻāĻā§āĻŦāĻžāϰ⧠āĻĒā§āϰāĻĨāĻŽ āĻŦāĻžāĻā§āϝ -- āĻšāϞā§: 'How selfish soever man may be supposed, there are evidently some principles in his nature which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it.' Adam Smith-āĻāϰ āĻĒā§āϰāĻĨāĻŽ āĻŦāĻāϝāĻŧā§āϰ āĻĒā§āϰāĻĨāĻŽ āĻŦāĻžāĻā§āϝ āϏāĻšāĻžāύā§āĻā§āϤāĻŋ āύāĻŋāϝāĻŧā§, āϏā§āĻŦāĻžāϰā§āĻĨ āύāĻŋāϝāĻŧā§ āύāϝāĻŧ!
āĻāĻ āĻĒā§āϰāĻĨāĻŽ āĻŦāĻžāĻā§āϝāĻāĻŋ āĻĒā§āϰ⧠āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻā§ narrative-āĻā§ āĻĒā§āϰāĻļā§āύāĻŦāĻŋāĻĻā§āϧ āĻāϰā§āĨ¤ āĻāĻŽāĻžāĻĻā§āϰ āĻŦāϞāĻž āĻšāϝāĻŧā§āĻā§ Adam Smith āĻŦāĻŋāĻļā§āĻŦāĻžāϏ āĻāϰāϤā§āύ āĻŽāĻžāύā§āώ āĻŽā§āϞāϤ āϏā§āĻŦāĻžāϰā§āĻĨāĻĒāϰ āĻāĻŦāĻ āϏā§āĻ āϏā§āĻŦāĻžāϰā§āĻĨāĻĒāϰāϤāĻžāĻ āϏāĻŽāĻžāĻā§āϰ āĻāĻā§āĻāĻŋāύāĨ¤ āĻāĻŋāύā§āϤ⧠Smith āϤāĻžāĻāϰ āĻā§āĻŦāύā§āϰ āĻĒā§āϰāĻĨāĻŽ āĻŦāĻĄāĻŧ āĻāĻžāĻ āĻļā§āϰ⧠āĻāϰā§āĻā§āύ āĻāĻ āĻŦāϞ⧠āϝ⧠āĻŽāĻžāύā§āώā§āϰ āĻĒā§āϰāĻā§āϤāĻŋāϤ⧠āĻāĻŽāύ āĻāĻŋāĻā§ āĻāĻā§ āϝāĻž āϤāĻžāĻā§ āĻ āύā§āϝā§āϰ āϏā§āĻā§ āĻāύāύā§āĻĻāĻŋāϤ āĻāϰ⧠-- āĻāĻŽāύāĻāĻŋ āύāĻŋāĻā§āϰ āĻā§āύ⧠āϞāĻžāĻ āύāĻž āĻšāϞā§āĻāĨ¤ āĻāĻāĻŋ self-interest theory āύāϝāĻŧ, āĻāĻāĻŋ empathy theoryāĨ¤ āĻāĻāĻŋ Invisible Hand āύāϝāĻŧ, āĻāĻāĻŋ Impartial Spectator-āĻāϰ āĻāĻŋāϤā§āϤāĻŋāĨ¤
Ryan Patrick Hanley -- Marquette āĻŦāĻŋāĻļā§āĻŦāĻŦāĻŋāĻĻā§āϝāĻžāϞāϝāĻŧā§āϰ āϰāĻžāώā§āĻā§āϰāĻŦāĻŋāĻā§āĻāĻžāύā§āϰ āĻ āϧā§āϝāĻžāĻĒāĻ -- āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻž Adam Smith and the Character of Virtue (2009, Cambridge University Press)-āϤ⧠āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith-āĻāϰ āϏāĻŽāĻā§āϰ āĻĻāĻžāϰā§āĻļāύāĻŋāĻ āĻĒā§āϰāĻāϞā§āĻĒ moral sympathy-āϰ āĻāĻŋāϤā§āϤāĻŋāϰ āĻāĻĒāϰ āύāĻŋāϰā§āĻŽāĻŋāϤ, self-interest-āĻāϰ āĻāĻĒāϰ āύāϝāĻŧāĨ¤ Hanley āϝā§āĻā§āϤāĻŋ āĻĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠The Wealth of Nations-āĻ TMS-āĻāϰ āύā§āϤāĻŋāĻ āĻāĻžāĻ āĻžāĻŽā§āϰ āĻŽāϧā§āϝā§āĻ āĻĒāĻĄāĻŧāϤ⧠āĻšāĻŦā§ -- āĻāĻā§ āĻāϞāĻžāĻĻāĻž āĻāϰ⧠āĻĒāĻĄāĻŧāϞ⧠Smith-āĻāϰ āĻŽā§āϞ āĻŦāĻā§āϤāĻŦā§āϝ āĻšāĻžāϰāĻŋāϝāĻŧā§ āϝāĻžāϝāĻŧāĨ¤
Impartial Spectator āĻā§āĻāĻžāĻŦā§ āĻāĻžāĻ āĻāϰā§? Smith āĻŦāϞā§āĻā§āύ, āĻāĻŽāϰāĻž āϝāĻāύ āĻā§āύ⧠āϏāĻŋāĻĻā§āϧāĻžāύā§āϤ āύāĻŋāĻ -- āĻŦā§āϝāĻŦāϏāĻžāϝāĻŧāĻŋāĻ āĻšā§āĻ āĻŦāĻž āĻŦā§āϝāĻā§āϤāĻŋāĻāϤ -- āĻāĻŽāĻžāĻĻā§āϰ āĻŽāύ⧠āĻāĻāĻāύ āĻāϞā§āĻĒāĻŋāϤ āϤā§āϤā§āϝāĻŧ āĻĒāĻā§āώ āĻŦāϏ⧠āĻāĻā§āύ āϝāĻŋāύāĻŋ āϏāĻŦ āϤāĻĨā§āϝ āĻāĻžāύā§āύ, āĻā§āύ⧠āĻĒāĻā§āώāĻĒāĻžāϤ āύā§āĻ, āĻāĻŦāĻ āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰ āĻāϰā§āύāĨ¤ āĻāĻ Spectator āϝāĻĻāĻŋ āĻāĻŽāĻžāĻĻā§āϰ āϏāĻŋāĻĻā§āϧāĻžāύā§āϤ⧠āϏāĻŽā§āĻŽāϤāĻŋ āĻĻā§āύ, āϤāĻžāĻšāϞ⧠āϏā§āĻāĻŋ āύā§āϤāĻŋāĻāĨ¤ āϝāĻĻāĻŋ āύāĻž āĻĻā§āύ, āϤāĻžāĻšāϞ⧠āĻāĻŽāĻžāĻĻā§āϰ āĻāĻāĻŋāϤ āϏā§āĻ āϏāĻŋāĻĻā§āϧāĻžāύā§āϤ āĻĒāϰāĻŋāĻŦāϰā§āϤāύ āĻāϰāĻžāĨ¤ āĻāĻāĻŋ āĻšāϞ⧠Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύā§āϰ āĻŽā§āϞ āĻāĻžāĻ āĻžāĻŽā§āĨ¤
āĻāĻāĻāĻŋ āĻāϧā§āύāĻŋāĻ āĻāĻĻāĻžāĻšāϰāĻŖ āĻĻāĻŋāϞ⧠Impartial Spectator āĻāϰāĻ āĻĒāϰāĻŋāώā§āĻāĻžāϰ āĻšāĻŦā§āĨ¤ āϧāϰā§āύ āĻāĻāĻāύ āĻŦā§āϝāĻžāĻāĻāĻžāϰ āĻāĻžāύā§āύ āĻāĻāĻāĻŋ financial product āĻā§āĻāĻāĻŋāĻĒā§āϰā§āĻŖ, āĻāĻŋāύā§āϤ⧠āĻāĻāĻŋ āĻŦāĻŋāĻā§āϰāĻŋ āĻāϰāϞ⧠āϤāĻžāĻāϰ bonus āĻŦāĻžāĻĄāĻŧāĻŦā§āĨ¤ Invisible Hand āĻŦāϞ⧠-- āĻŦāĻŋāĻā§āϰāĻŋ āĻāϰā§, āϤā§āĻŽāĻžāϰ self-interest āϏāĻŽāĻžāĻā§āϰ āĻāϞā§āϝāĻžāĻŖ āĻāϰāĻŦā§āĨ¤ āĻāĻŋāύā§āϤ⧠Impartial Spectator āĻŦāϞ⧠-- āĻĨāĻžāĻŽā§, āĻāĻāĻāύ āύāĻŋāϰāĻĒā§āĻā§āώ āĻĒāϰā§āϝāĻŦā§āĻā§āώāĻ āĻāĻŋ āϤā§āĻŽāĻžāϰ āĻāĻ āϏāĻŋāĻĻā§āϧāĻžāύā§āϤ⧠āϏāĻŽā§āĻŽāϤāĻŋ āĻĻā§āĻŦā§āύ, āĻā§āύ⧠āϝ⧠āĻāϤ⧠āĻ āύā§āĻ āĻĒāϰāĻŋāĻŦāĻžāϰ āϏāϰā§āĻŦāϏā§āĻŦ āĻšāĻžāϰāĻžāĻŦā§? ⧍ā§Ļā§Ļā§Ž āϏāĻžāϞā§āϰ āĻāϰā§āĻĨāĻŋāĻ āϏāĻāĻāĻā§ āĻ āĻŋāĻ āĻāĻāĻŋāĻ āĻāĻā§āĻāĻŋāϞ -- Impartial Spectator āĻ āύā§āĻĒāϏā§āĻĨāĻŋāϤ āĻāĻŋāϞāĨ¤
Smith āĻāϰāĻ āĻŦāϞā§āĻā§āύ āϝ⧠Impartial Spectator āĻļā§āϧ⧠āĻŦā§āϝāĻā§āϤāĻŋāĻāϤ āϏā§āϤāϰ⧠āύāϝāĻŧ, āϏāĻŽāĻžāĻā§āϰ āĻĒā§āϰāĻžāϤāĻŋāώā§āĻ āĻžāύāĻŋāĻ āϏā§āϤāϰā§āĻ āĻāĻžāĻ āĻāϰāĻž āĻāĻāĻŋāϤāĨ¤ āĻāĻāύ, āĻļāĻžāϏāύāĻŦā§āϝāĻŦāϏā§āĻĨāĻž, āĻŦā§āϝāĻŦāϏāĻžāϝāĻŧāĻŋāĻ āύāĻŋāϝāĻŧāĻŽāĻāĻžāύā§āύ -- āϏāĻŦāĻāĻŋāĻā§āϤ⧠āĻāĻ āύāĻŋāϰāĻĒā§āĻā§āώ āĻŦāĻŋāĻāĻžāϰā§āϰ āύā§āϤāĻŋ āĻĒā§āϰāϤāĻŋāĻĢāϞāĻŋāϤ āĻšāĻāϝāĻŧāĻž āĻĻāϰāĻāĻžāϰāĨ¤ āĻāĻāĻŋ āĻļā§āϧ⧠āĻŦā§āϝāĻā§āϤāĻŋāϰ conscience āύāϝāĻŧ -- āĻāĻāĻŋ āϏāĻŽāĻžāĻā§āϰ conscienceāĨ¤ Smith āĻā§āϝāĻŧā§āĻāĻŋāϞā§āύ āĻāĻŽāύ āĻāĻāĻāĻŋ āϏāĻŽāĻžāĻ āϝā§āĻāĻžāύ⧠āĻ āϰā§āĻĨāύā§āϤāĻŋāĻ āĻāĻžāϰā§āϝāĻāϞāĻžāĻĒ āύā§āϤāĻŋāĻ āĻŦāĻŋāĻāĻžāϰāĻŦā§āϧ āĻĻā§āĻŦāĻžāϰāĻž āĻĒāϰāĻŋāĻāĻžāϞāĻŋāϤ āĻšāϝāĻŧāĨ¤
āĻāĻāύ āĻĒā§āϰāĻļā§āύ āĻšāϞ⧠-- āϝāĻĻāĻŋ Smith-āĻāϰ āĻāϏāϞ āĻĻāϰā§āĻļāύā§āϰ āĻā§āύā§āĻĻā§āϰ⧠āĻĨāĻžāĻā§ āϏāĻšāĻžāύā§āĻā§āϤāĻŋ, āύā§āϤāĻŋāĻāϤāĻž āĻāĻŦāĻ āϏāĻžāĻŽāĻžāĻāĻŋāĻ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦ, āϤāĻžāĻšāϞ⧠āĻāϧā§āύāĻŋāĻ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻ āĻā§āύ āĻļā§āϧ⧠self-interest-āĻāϰ āĻāĻĨāĻž āĻŦāϞā§? āĻāϤā§āϤāϰāĻāĻŋ āĻāĻāĻŋāϞ, āĻāĻŋāύā§āϤ⧠āĻāϞā§āύ āĻĒā§āϰāĻĨāĻŽā§ āĻĻā§āĻāĻŋ āϧāĻžāϰāĻŖāĻžāϰ āĻāĻāĻāĻŋ āĻĒāϰāĻŋāώā§āĻāĻžāϰ āϤā§āϞāύāĻž āĻĻā§āĻāĻŋāĨ¤
| āĻŦā§āĻļāĻŋāώā§āĻā§āϝ | Invisible Hand | Impartial Spectator |
| āĻā§āϏ āĻā§āϰāύā§āĻĨ | The Wealth of Nations (1776) | The Theory of Moral Sentiments (1759) |
| āĻāϞā§āϞā§āĻā§āϰ āϏāĻāĻā§āϝāĻž | āĻŽāĻžāϤā§āϰ ā§§ āĻŦāĻžāϰ (WN-āϤā§) | āĻļāϤ āĻļāϤ āĻŦāĻžāϰ (TMS āĻā§āĻĄāĻŧā§) |
| āĻŽā§āϞ āϧāĻžāϰāĻŖāĻž | āĻŦā§āϝāĻā§āϤāĻŋāĻāϤ āϏā§āĻŦāĻžāϰā§āĻĨ āĻ āύāĻŋāĻā§āĻāĻžāĻā§āϤāĻāĻžāĻŦā§ āϏāĻžāĻŽāĻžāĻāĻŋāĻ āĻāϞā§āϝāĻžāĻŖ āĻāϰ⧠| āĻ āĻā§āϝāύā§āϤāϰā§āĻŖ āύā§āϤāĻŋāĻ āĻŦāĻŋāĻāĻžāϰ āϏāĻšāĻžāύā§āĻā§āϤāĻŋ āĻ āύā§āϝāĻžāϝāĻŧā§āϰ āĻāĻŋāϤā§āϤāĻŋāϤ⧠āĻāĻāϰāĻŖ āĻĒāϰāĻŋāĻāĻžāϞāύāĻž āĻāϰ⧠|
| āύā§āϤāĻŋāĻāϤāĻžāϰ āĻā§āĻŽāĻŋāĻāĻž | āĻāϞā§āϞā§āĻ āύā§āĻ -- market āύāĻŋāĻā§āĻ āϏāĻŽāĻžāϧāĻžāύ āĻāϰ⧠| āĻā§āύā§āĻĻā§āϰā§āϝāĻŧ -- āύā§āϤāĻŋāĻāϤāĻžāĻ āϏāĻŽāĻžāĻā§āϰ āĻāĻŋāϤā§āϤāĻŋ |
| āϏāĻšāĻžāύā§āĻā§āϤāĻŋāϰ āĻā§āĻŽāĻŋāĻāĻž | āĻ āĻĒā§āϰāĻžāϏāĻā§āĻāĻŋāĻ | āĻŽā§āϞ āĻāĻŋāϤā§āϤāĻŋ -- fellow-feeling |
| āϏāϰāĻāĻžāϰā§āϰ āĻā§āĻŽāĻŋāĻāĻž | āύā§āϝā§āύāϤāĻŽ āĻšāϏā§āϤāĻā§āώā§āĻĒ (āĻā§āϞ āĻŦā§āϝāĻžāĻā§āϝāĻž) | āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰ, āĻļāĻŋāĻā§āώāĻž, āĻ āĻŦāĻāĻžāĻ āĻžāĻŽā§āϤ⧠āϏāĻā§āϰāĻŋāϝāĻŧ āĻā§āĻŽāĻŋāĻāĻž |
| self-interest āϏāĻŽā§āĻĒāϰā§āĻā§ | āĻāĻžāϞāĻŋāĻāĻž āĻļāĻā§āϤāĻŋ | āύā§āϤāĻŋāĻ āϏā§āĻŽāĻžāϰ āĻŽāϧā§āϝ⧠āĻĨāĻžāĻāϤ⧠āĻšāĻŦā§ |
| Smith-āĻāϰ āύāĻŋāĻāϏā§āĻŦ āĻā§āϰā§āϤā§āĻŦ | āĻāĻāĻāĻŋ āĻā§āώā§āĻĻā§āϰ āϰā§āĻĒāĻ | āĻā§āĻŦāύā§āϰ āĻļā§āϰā§āώā§āĻ āĻāĻžāĻā§āϰ āĻā§āύā§āĻĻā§āϰā§āϝāĻŧ āϧāĻžāϰāĻŖāĻž |
Note: āϤāĻĨā§āϝāϏā§āϤā§āϰ: D.D. Raphael The Impartial Spectator (2007 Oxford UP), Emma Rothschild Economic Sentiments (2001 Harvard UP), Gavin Kennedy Adam Smith (2008)āĨ¤
āϤāĻžāĻšāϞ⧠Smith-āĻāϰ āĻā§āύā§āĻĻā§āϰā§āϝāĻŧ āĻĻāϰā§āĻļāύ āĻāĻŋāϞ āύā§āϤāĻŋāĻāϤāĻž āĻ āϏāĻšāĻžāύā§āĻā§āϤāĻŋāĨ¤ āĻāĻŋāύā§āϤ⧠āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻ āĻļā§āϧ⧠āϏā§āĻŦāĻžāϰā§āĻĨā§āϰ āĻāĻĨāĻž āĻļā§āύāϞā§āĨ¤ āĻā§āύ? āĻāϰ āĻĒā§āĻāύ⧠ā§ĢāĻāĻŋ āύāĻŋāϰā§āĻĻāĻŋāώā§āĻ āĻāϤāĻŋāĻšāĻžāϏāĻŋāĻ āĻāĻžāϰāĻŖ āĻāĻā§āĨ¤
āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻ āĻā§āύ Invisible Hand āĻŦā§āĻā§ āύāĻŋāϞ⧠-- ā§ĢāĻāĻŋ āĻāĻžāϰāĻŖ
āĻāĻāĻŋ āĻāĻ āĻāϰā§āĻāĻŋāĻā§āϞā§āϰ āϏāĻŦāĻā§āϝāĻŧā§ āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ āĻ āϧā§āϝāĻžāϝāĻŧāĨ¤ āĻāĻžāϰāĻŖ āĻāĻāĻžāύ⧠āĻāĻŽāϰāĻž āĻĻā§āĻāĻŦ āĻā§āĻāĻžāĻŦā§ āĻāĻāĻāĻŋ āϏā§āĻĒāϰāĻŋāĻāϞā§āĻĒāĻŋāϤ -- āĻāĻŦāĻ āĻāĻāύ⧠āĻāĻāύ⧠āĻ āϏāĻā§āϤāύ -- āĻĒā§āϰāĻā§āϰāĻŋāϝāĻŧāĻžāϝāĻŧ Adam Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύ āĻāϤāĻŋāĻšāĻžāϏ āĻĨā§āĻā§ āĻŽā§āĻā§ āĻĢā§āϞāĻž āĻšāϝāĻŧā§āĻā§āĨ¤ āĻāĻāĻŋ āĻā§āύ⧠āώāĻĄāĻŧāϝāύā§āϤā§āϰ āϤāϤā§āϤā§āĻŦ āύāϝāĻŧāĨ¤ āĻĒā§āϰāϤāĻŋāĻāĻŋ āĻāĻžāϰāĻŖā§āϰ āĻĒā§āĻāύ⧠āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻāĻžāĻĄā§āĻŽāĻŋāĻ āĻāĻŦā§āώāĻŖāĻž āĻāĻā§āĨ¤ āĻāϞā§āύ āĻāĻā§ āĻāĻā§ āĻĻā§āĻāĻŋāĨ¤
āĻāĻžāϰāĻŖ ā§§ -- āĻļāĻŋāϞā§āĻĒ āĻŦāĻŋāĻĒā§āϞāĻŦā§āϰ āĻāĻžāĻšāĻŋāĻĻāĻž
ā§§ā§Ž āĻāĻŦāĻ ā§§ā§¯ āĻļāϤāĻā§āϰ āĻļāĻŋāϞā§āĻĒ āĻŦāĻŋāĻĒā§āϞāĻŦ āĻāĻāϰā§āĻĒ āĻ āĻāĻŽā§āϰāĻŋāĻāĻžāϝāĻŧ āĻāĻ āύāϤā§āύ āĻļā§āϰā§āĻŖāĻŋ āϤā§āϰāĻŋ āĻāϰā§āĻāĻŋāϞ -- āĻļāĻŋāϞā§āĻĒāĻĒāϤāĻŋ āĻļā§āϰā§āĻŖāĻŋāĨ¤ āϤāĻžāĻĻā§āϰ āĻĒā§āϰāϝāĻŧā§āĻāύ āĻāĻŋāϞ āĻāĻāĻāĻŋ intellectual justification āϝāĻž āĻŦāϞāĻŦā§: āϏā§āĻŽāĻžāĻšā§āύ āĻŽā§āύāĻžāĻĢāĻžāϰ āϏāύā§āϧāĻžāύ āĻļā§āϧ⧠āĻŦā§āϧ āύāϝāĻŧ, āĻāĻāĻŋ āϏāĻŽāĻžāĻā§āϰ āĻāύā§āϝ āĻāĻĒāĻāĻžāϰā§āĨ¤ Invisible Hand āϤāĻžāĻĻā§āϰ āϏā§āĻ justification āĻĻāĻŋāϝāĻŧā§āĻāĻŋāϞ -- āϤā§āĻŽāĻŋ āϝāϤ āĻŦā§āĻļāĻŋ āĻŽā§āύāĻžāĻĢāĻž āĻāϰ, āϏāĻŽāĻžāĻ āϤāϤ āĻŦā§āĻļāĻŋ āϞāĻžāĻāĻŦāĻžāύ āĻšāϝāĻŧāĨ¤ āĻāϰ āĻāύā§āϝ āĻā§āύ⧠āύā§āϤāĻŋāĻ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦ āĻĒāĻžāϞāύ āĻāϰāϤ⧠āĻšāĻŦā§ āύāĻž, market āύāĻŋāĻā§āĻ āϏāĻŦāĻāĻŋāĻā§ āϏāĻžāĻŽāϞ⧠āύā§āĻŦā§āĨ¤
Eric Hobsbawm -- āĻŦāĻŋāĻā§āϝāĻžāϤ āĻŦā§āϰāĻŋāĻāĻŋāĻļ āĻāϤāĻŋāĻšāĻžāϏāĻŦāĻŋāĻĻ -- āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻā§āϰāύā§āĻĨ The Age of Revolution (1962)-āϤ⧠āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠āĻļāĻŋāϞā§āĻĒ āĻŦāĻŋāĻĒā§āϞāĻŦ āĻāĻŽāύ āĻāĻāĻāĻŋ āĻĻāϰā§āĻļāύā§āϰ āĻāĻžāĻšāĻŋāĻĻāĻž āϤā§āϰāĻŋ āĻāϰā§āĻāĻŋāϞ āϝāĻž āĻŽā§āύāĻžāĻĢāĻžāĻā§ āĻĒāĻŦāĻŋāϤā§āϰ āĻāϰāĻŦā§ āĻāĻŦāĻ āύā§āϤāĻŋāĻ āĻŦāĻžāϧā§āϝāĻŦāĻžāϧāĻāϤāĻžāĻā§ āύā§āϝā§āύāϤāĻŽ āĻāϰāĻŦā§āĨ¤ Invisible Hand āϏā§āĻ āĻāĻžāĻšāĻŋāĻĻāĻž āĻĒā§āϰāĻŖ āĻāϰā§āĻāĻŋāϞāĨ¤ āĻ āύā§āϝāĻĻāĻŋāĻā§ Impartial Spectator -- āϝāĻž āύā§āϤāĻŋāĻ āϏāĻāϝāĻŽ, āϏāĻšāĻžāύā§āĻā§āϤāĻŋ āĻāĻŦāĻ āϏāĻžāĻŽāĻžāĻāĻŋāĻ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦā§āϰ āĻāĻĨāĻž āĻŦāϞ⧠-- āϏā§āĻāĻŋ āĻļāĻŋāϞā§āĻĒāĻĒāϤāĻŋāĻĻā§āϰ āĻāύā§āϝ āĻ āϏā§āĻŦāĻŋāϧāĻžāĻāύāĻ āĻāĻŋāϞāĨ¤ āĻā§āύ⧠factory owner āĻāĻžāĻāϤā§āύ āύāĻž āϝ⧠āϤāĻžāĻāϰ āĻļā§āϰāĻŽāĻŋāĻ āĻļā§āώāĻŖāĻā§ āĻāĻāĻāύ impartial spectator āĻŦāĻŋāĻāĻžāϰ āĻāϰā§āĻāĨ¤
Karl Polanyi āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻā§āϞāĻžāϏāĻŋāĻ The Great Transformation (1944)-āϤ⧠āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠self-regulating market-āĻāϰ āϧāĻžāϰāĻŖāĻž -- āϝāĻž invisible hand-āĻāϰ āĻāĻĒāϰ āĻāĻŋāϤā§āϤāĻŋ āĻāϰ⧠-- āĻāϤāĻŋāĻšāĻžāϏāĻŋāĻāĻāĻžāĻŦā§ āĻāĻāύ⧠āĻāĻžāĻ āĻāϰā§āύāĻŋāĨ¤ āĻĒā§āϰāϤāĻŋāĻŦāĻžāϰāĻ unregulated market āϏāĻžāĻŽāĻžāĻāĻŋāĻ āϧā§āĻŦāĻāϏ āĻāĻāĻŋāϝāĻŧā§āĻā§, āĻāĻŦāĻ āϏāĻŽāĻžāĻ āĻāϤā§āĻŽāϰāĻā§āώāĻžāϰ āĻāύā§āϝ regulation āĻĻāĻžāĻŦāĻŋ āĻāϰā§āĻā§āĨ¤ Polanyi āĻāĻāĻŋāĻā§ 'double movement' āĻŦāϞā§āĻā§āύ -- āĻŦāĻžāĻāĻžāϰā§āϰ āϏāĻŽā§āĻĒā§āϰāϏāĻžāϰāĻŖ āĻāĻŦāĻ āϏāĻŽāĻžāĻā§āϰ āĻĒā§āϰāϤāĻŋāϰā§āϧāĨ¤
āĻĢāϞāĻžāĻĢāϞ? Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύ āĻā§āĻĒāĻāĻžāĻĒ āĻāϤāĻŋāĻšāĻžāϏā§āϰ āĻāĻĄāĻŧāĻžāϞ⧠āĻāϞ⧠āĻā§āϞāĨ¤ āĻļāĻŋāϞā§āĻĒāĻĒāϤāĻŋāϰāĻž Wealth of Nations-āĻāϰ āύāĻŋāϰā§āĻŦāĻžāĻāĻŋāϤ āĻ āĻāĻļ āĻĒā§āϰāĻāĻžāϰ āĻāϰāϤ⧠āϞāĻžāĻāϞā§āύ, āĻāϰ Theory of Moral Sentiments āϧā§āϞ⧠āĻāĻŽāϤ⧠āϞāĻžāĻāϞ⧠āĻā§āϰāύā§āĻĨāĻžāĻāĻžāϰā§āϰ āϤāĻžāĻā§āĨ¤ āĻāĻāĻŋ āĻā§āύ⧠āώāĻĄāĻŧāϝāύā§āϤā§āϰ āĻāĻŋāϞ āύāĻž -- āĻāĻāĻŋ āĻāĻŋāϞ āϏā§āĻŦāĻŋāϧāĻžāĻŦāĻžāĻĻā§ āύāĻŋāϰā§āĻŦāĻžāĻāύāĨ¤ āϝ⧠āĻ āĻāĻļāĻā§āĻā§ āĻŽā§āύāĻžāĻĢāĻžāϰ āĻĒāĻā§āώ⧠āϝāĻžāϝāĻŧ, āϏā§āĻāĻŋ āϰāĻžāĻā§; āĻŦāĻžāĻāĻŋāĻāĻž āĻā§āϞ⧠āϝāĻžāĻāĨ¤
āĻāĻžāϰāĻŖ ⧍ -- Das Adam Smith Problem āĻāĻŦāĻ āĻĻā§āĻ āĻŦāĻāϝāĻŧā§āϰ āĻŦāĻŋāĻā§āĻā§āĻĻ
⧧⧝ āĻļāϤāĻā§āϰ āĻāĻžāϰā§āĻŽāĻžāύ āĻĒāĻŖā§āĻĄāĻŋāϤāϰāĻž āĻāĻāĻāĻŋ āϤāĻžāϤā§āϤā§āĻŦāĻŋāĻ āϏāĻŽāϏā§āϝāĻž āϤā§āϰāĻŋ āĻāϰā§āĻāĻŋāϞā§āύ āϝāĻžāϰ āύāĻžāĻŽ Das Adam Smith ProblemāĨ¤ āϤāĻžāĻāĻĻā§āϰ āĻĻāĻžāĻŦāĻŋ āĻāĻŋāϞ -- The Theory of Moral Sentiments āĻāĻŦāĻ The Wealth of Nations āĻĒāϰāϏā§āĻĒāϰāĻŦāĻŋāϰā§āϧā§āĨ¤ TMS āĻŦāϞ⧠āĻŽāĻžāύā§āώ āϏāĻšāĻžāύā§āĻā§āϤāĻŋāĻļā§āϞ, WN āĻŦāϞ⧠āĻŽāĻžāύā§āώ āϏā§āĻŦāĻžāϰā§āĻĨāĻĒāϰāĨ¤ āϤāĻžāĻšāϞ⧠āĻĻā§āĻāĻŋ āĻŦāĻ āĻā§āĻāĻžāĻŦā§ āĻāĻāĻ āϞā§āĻāĻā§āϰ āĻšāϤ⧠āĻĒāĻžāϰā§? Keith Tribe āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻž The Economy of the Word (2015, Oxford University Press)-āϤ⧠āĻāĻ āϏāĻŽāϏā§āϝāĻžāϰ āĻŦāĻŋāϏā§āϤāĻžāϰāĻŋāϤ āĻāϤāĻŋāĻšāĻžāϏ āϞāĻŋāĻā§āĻā§āύāĨ¤
āĻāĻ āĻā§āϤā§āϰāĻŋāĻŽ āĻŦāĻŋāĻāĻžāĻāύ āĻāĻāĻāĻŋ āĻŽāĻžāϰāĻžāϤā§āĻŽāĻ āĻĒāϰāĻŋāĻŖāϤāĻŋ āĻāĻāĻŋāϝāĻŧā§āĻāĻŋāϞāĨ¤ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻŦāĻŋāĻĻāϰāĻž āϏāĻŋāĻĻā§āϧāĻžāύā§āϤ āύāĻŋāϞā§āύ āϝ⧠āϝā§āĻšā§āϤ⧠āĻĻā§āĻāĻŋ āĻŦāĻ āĻĒāϰāϏā§āĻĒāϰāĻŦāĻŋāϰā§āϧā§, āϤāĻžāĻšāϞ⧠āĻāĻāĻāĻŋ āĻŦāĻžāĻāĻžāĻ āĻāϰāϤ⧠āĻšāĻŦā§ -- āĻāĻŦāĻ āϤāĻžāϰāĻž āĻŦāĻžāĻāĻžāĻ āĻāϰāϞā§āύ The Wealth of NationsāĨ¤ TMS āĻšāϝāĻŧā§ āĻā§āϞ āĻāĻāĻāĻŋ abandoned text, āĻļā§āϧ⧠āĻĻāϰā§āĻļāύ āĻŦāĻŋāĻāĻžāĻā§āϰ āĻāĻŋāĻā§ āĻāĻŦā§āώāĻā§āϰ āĻāĻā§āϰāĻšā§āϰ āĻŦāĻŋāώāϝāĻŧāĨ¤ āĻāĻŋāύā§āϤ⧠āĻ āĻŽāϰā§āϤā§āϝ āϏā§āύ āϏāĻš āĻāϧā§āύāĻŋāĻ āĻ āύā§āĻ āĻĒāĻŖā§āĻĄāĻŋāϤ āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Das Adam Smith Problem āĻāĻāĻāĻŋ āĻŽāĻŋāĻĨāĨ¤ āĻĻā§āĻāĻŋ āĻŦāĻ āĻĒāϰāϏā§āĻĒāϰāĻŦāĻŋāϰā§āϧ⧠āύāϝāĻŧ -- āĻŦāϰāĻ āĻĒāϰāĻŋāĻĒā§āϰāĻāĨ¤ Smith āĻā§āϝāĻŧā§āĻāĻŋāϞā§āύ āĻŦāĻžāĻāĻžāϰ āĻŦā§āϝāĻŦāϏā§āĻĨāĻž āύā§āϤāĻŋāĻ āĻāĻžāĻ āĻžāĻŽā§āϰ āĻŽāϧā§āϝ⧠āĻāĻžāĻ āĻāϰā§āĻāĨ¤
Per Amartya Sen: 'The so-called Adam Smith Problem is a pseudo-problem. Smith saw self-interest as operating within a framework of moral sentiments, not in opposition to them.' āĻāĻ āĻŦāĻŋāĻā§āĻā§āĻĻ āĻā§āϤā§āϰāĻŋāĻŽ āĻāĻŋāϞ, āĻāĻŋāύā§āϤ⧠āĻāϰ āĻĒā§āϰāĻāĻžāĻŦ āĻāĻŋāϞ āĻŦāĻŋāĻļāĻžāϞ -- āĻāĻāĻŋ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻā§ āύā§āϤāĻŋāĻāϤāĻž āĻĨā§āĻā§ āϏāĻŽā§āĻĒā§āϰā§āĻŖ āĻāϞāĻžāĻĻāĻž āĻāϰ⧠āĻĻāĻŋāϝāĻŧā§āĻāĻŋāϞāĨ¤
āĻāĻžāϰāĻŖ ā§Š -- Chicago School āĻāĻŦāĻ Milton Friedman-āĻāϰ āĻĒā§āϰāĻāĻžāĻŦ
⧍ā§Ļ āĻļāϤāĻā§āϰ āĻŽāĻžāĻāĻžāĻŽāĻžāĻāĻŋ āĻĨā§āĻā§ University of Chicago-āϰ āĻ āϰā§āĻĨāύā§āϤāĻŋ āĻŦāĻŋāĻāĻžāĻ -- āϝāĻžāĻā§ Chicago School āĻŦāϞāĻž āĻšāϝāĻŧ -- Adam Smith-āĻāϰ āĻāĻāĻāĻŋ āύāĻŋāϰā§āĻĻāĻŋāώā§āĻ āĻĒāĻžāĻ āĻā§ āĻŦāĻŋāĻļā§āĻŦāĻŦā§āϝāĻžāĻĒā§ āĻĒā§āϰāĻāĻžāϰ āĻāϰā§āĻā§āĨ¤ Milton Friedman, George Stigler, āĻāĻŦāĻ āϤāĻžāĻĻā§āϰ āϏāĻšāĻāϰā§āĻŽā§āϰāĻž Smith-āĻā§ laissez-faire āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ āĻĒā§āϰāĻŦāĻā§āϤāĻž āĻšāĻŋāϏā§āĻŦā§ āĻāĻĒāϏā§āĻĨāĻžāĻĒāύ āĻāϰā§āĻā§āύāĨ¤ Friedman āϤāĻžāĻāϰ āĻŦāĻŋāĻā§āϝāĻžāϤ 1970 āϏāĻžāϞā§āϰ New York Times āĻĒā§āϰāĻŦāύā§āϧ The Social Responsibility of Business Is to Increase Its Profits-āĻ āϏāϰāĻžāϏāϰāĻŋ Smith-āĻāϰ self-interest āϧāĻžāϰāĻŖāĻžāĻā§ invoke āĻāϰā§āĻā§āύāĨ¤
Philip Mirowski -- Notre Dame āĻŦāĻŋāĻļā§āĻŦāĻŦāĻŋāĻĻā§āϝāĻžāϞāϝāĻŧā§āϰ āĻ āϰā§āĻĨāύā§āϤāĻŋ āĻ āĻĻāϰā§āĻļāύā§āϰ āĻāϤāĻŋāĻšāĻžāϏāĻŦāĻŋāĻĻ -- āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻž More Heat than Light (1989, Cambridge University Press)-āϤ⧠āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ: Chicago School āύāĻŋāϰā§āĻŦāĻžāĻāύā§āĻāĻžāĻŦā§ Smith-āĻā§ āĻŦā§āϝāĻŦāĻšāĻžāϰ āĻāϰā§āĻā§ laissez-faire āĻŽāϤāĻžāĻĻāϰā§āĻļā§āϰ āύā§āϝāĻžāϝā§āϝāϤāĻž āĻĻāĻŋāϤā§āĨ¤ āϤāĻžāϰāĻž Smith-āĻāϰ āϏā§āĻ āĻ āĻāĻļāĻā§āϞ⧠highlighted āĻāϰā§āĻā§ āϝāĻž free market-āĻāϰ āĻĒāĻā§āώ⧠āϝāĻžāϝāĻŧ, āĻāĻŦāĻ āϏā§āĻ āĻ āĻāĻļāĻā§āϞ⧠ignored āĻāϰā§āĻā§ āϝā§āĻāĻžāύ⧠Smith āϏāϰāĻāĻžāϰāĻŋ āĻšāϏā§āϤāĻā§āώā§āĻĒ, āĻļā§āϰāĻŽāĻŋāĻāĻĻā§āϰ āĻ āϧāĻŋāĻāĻžāϰ, āĻāĻŦāĻ āύā§āϤāĻŋāĻ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦā§āϰ āĻāĻĨāĻž āĻŦāϞā§āĻā§āύāĨ¤
George Stigler -- Chicago School-āĻāϰ āĻāϰā§āĻ āĻĒā§āϰāĻāĻžāĻŦāĻļāĻžāϞ⧠āϏāĻĻāϏā§āϝ āĻāĻŦāĻ ā§§ā§¯ā§Žā§¨ āϏāĻžāϞā§āϰ āύā§āĻŦā§āϞ āĻŦāĻŋāĻāϝāĻŧā§ -- Smith-āĻā§ systematically reinterpret āĻāϰā§āĻā§āύāĨ¤ Stigler-āĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻž Smith-āĻā§ āĻĒā§āϰāĻžāϝāĻŧ āϏāĻŽā§āĻĒā§āϰā§āĻŖāĻāĻžāĻŦā§ efficiency āĻ self-interest-āĻāϰ āϤāĻžāϤā§āϤā§āĻŦāĻŋāĻ āĻšāĻŋāϏā§āĻŦā§ āĻāĻĒāϏā§āĻĨāĻžāĻĒāύ āĻāϰā§āĻā§, TMS-āĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύāĻā§ āĻĒā§āϰāĻžāϝāĻŧ āϏāĻŽā§āĻĒā§āϰā§āĻŖ āĻāĻĒā§āĻā§āώāĻž āĻāϰā§āĨ¤ āĻāĻ reinterpretation textbook-āĻ āĻĸā§āĻā§ āĻā§āĻā§ āĻāĻŦāĻ āĻĒā§āϰāĻāύā§āĻŽā§āϰ āĻĒāϰ āĻĒā§āϰāĻāύā§āĻŽ āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ āĻāĻžāϤā§āϰāϰāĻž āĻāĻ āĻāĻāĻĒā§āĻļā§ Smith āĻĒāĻĄāĻŧā§ āĻŦāĻĄāĻŧ āĻšāϝāĻŧā§āĻā§āĨ¤
Friedman-āĻāϰ āĻĒā§āϰāĻāĻžāĻŦ āĻļā§āϧ⧠āĻāĻāĻžāĻĄā§āĻŽāĻŋāĻ āĻāĻŋāϞ āύāĻž -- āĻāĻāĻŋ āϰāĻžāĻāύā§āϤāĻŋāĻāĻ āĻāĻŋāϞāĨ¤ Ronald Reagan āĻāĻŦāĻ Margaret Thatcher-āĻāϰ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻ āύā§āϤāĻŋ āϏāϰāĻžāϏāϰāĻŋ Chicago School-āĻāϰ āĻāĻŋāύā§āϤāĻžāϧāĻžāϰāĻžāϝāĻŧ āĻĒā§āϰāĻāĻžāĻŦāĻŋāϤ āĻāĻŋāϞāĨ¤ āĻĢāϞ⧠Smith-āĻāϰ āĻāĻāĻĒā§āĻļā§ āĻĒāĻžāĻ āĻļā§āϧ⧠āĻŦāĻŋāĻļā§āĻŦāĻŦāĻŋāĻĻā§āϝāĻžāϞāϝāĻŧā§ āϏā§āĻŽāĻžāĻŦāĻĻā§āϧ āĻĨāĻžāĻā§āύāĻŋ -- āĻāĻāĻŋ āĻŦāĻŋāĻļā§āĻŦā§āϰ āϏāĻŦāĻā§āϝāĻŧā§ āĻļāĻā§āϤāĻŋāĻļāĻžāϞ⧠āϰāĻžāώā§āĻā§āϰāĻā§āϞā§āϰ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻ āύā§āϤāĻŋāϤ⧠āĻĒāϰāĻŋāĻŖāϤ āĻšāϝāĻŧā§āĻā§āĨ¤
āĻāĻžāϰāĻŖ ā§Ē -- āύā§āϤāĻŋāĻāϤāĻž āĻĒāϰāĻŋāĻŽāĻžāĻĒāϝā§āĻā§āϝ āύāϝāĻŧ, āĻāĻŋāύā§āϤ⧠āĻŽā§āύāĻžāĻĢāĻž āĻĒāϰāĻŋāĻŽāĻžāĻĒāϝā§āĻā§āϝ
⧍ā§Ļ āĻļāϤāĻā§ āĻ āϰā§āĻĨāύā§āϤāĻŋ āĻā§āϰāĻŽāĻļ āĻāĻžāĻŖāĻŋāϤāĻŋāĻ āĻšāϝāĻŧā§ āĻāĻ ā§āĻā§āĨ¤ Econometrics, game theory, mathematical modeling -- āĻāĻā§āϞ⧠āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ āĻĒā§āϰāϧāĻžāύ āĻšāĻžāϤāĻŋāϝāĻŧāĻžāϰ āĻšāϝāĻŧā§ āĻĻāĻžāĻāĻĄāĻŧāĻŋāϝāĻŧā§āĻā§āĨ¤ Self-interest āĻāĻŦāĻ market outcomes āĻāĻžāĻŖāĻŋāϤāĻŋāĻāĻāĻžāĻŦā§ model āĻāϰāĻž āϝāĻžāϝāĻŧāĨ¤ āĻāĻŋāύā§āϤ⧠moral sentiments? Empathy? Impartial Spectator? āĻāĻā§āϞ⧠āĻā§āύ⧠equation-āĻ āϧāϰāĻž āϝāĻžāϝāĻŧ āύāĻžāĨ¤ Robert Heilbroner āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻā§āϞāĻžāϏāĻŋāĻ The Worldly Philosophers (1953, āϏāϰā§āĻŦāĻļā§āώ āϏāĻāĻļā§āϧāĻŋāϤ 1999)-āϤ⧠āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ: āĻ āϰā§āĻĨāύā§āϤāĻŋ āϝāϤ āĻŦā§āĻļāĻŋ scientific āĻšāϝāĻŧā§āĻā§, āϤāϤāĻ āϤāĻžāϰ āĻĻāĻžāϰā§āĻļāύāĻŋāĻ āĻ āύā§āϤāĻŋāĻ āĻŽāĻžāϤā§āϰāĻž āĻšāĻžāϰāĻŋāϝāĻŧā§ āĻā§āĻā§āĨ¤
āĻāĻāĻŋ āĻāĻāĻāĻŋ āĻŽā§āϞāĻŋāĻ āϏāĻŽāϏā§āϝāĻžāĨ¤ āĻāĻĒāύāĻŋ GDP āĻĒāϰāĻŋāĻŽāĻžāĻĒ āĻāϰāϤ⧠āĻĒāĻžāϰā§āύ, āĻāĻŋāύā§āϤ⧠wellbeing āĻĒāĻžāϰā§āύ āύāĻžāĨ¤ āĻāĻĒāύāĻŋ āĻŽā§āύāĻžāĻĢāĻž āĻĒāϰāĻŋāĻŽāĻžāĻĒ āĻāϰāϤ⧠āĻĒāĻžāϰā§āύ, āĻāĻŋāύā§āϤ⧠āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰ āĻĒāĻžāϰā§āύ āύāĻžāĨ¤ āĻāĻĒāύāĻŋ market efficiency āĻĒāϰāĻŋāĻŽāĻžāĻĒ āĻāϰāϤ⧠āĻĒāĻžāϰā§āύ, āĻāĻŋāύā§āϤ⧠āύā§āϤāĻŋāĻ āĻ āĻŦāĻā§āώāϝāĻŧ āĻĒāĻžāϰā§āύ āύāĻžāĨ¤ āĻĢāϞ⧠āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ curriculum āĻĨā§āĻā§ āύā§āϤāĻŋāĻāϤāĻž āϧā§āϰ⧠āϧā§āϰ⧠āĻŦāĻžāĻĻ āĻĒāĻĄāĻŧā§ āĻā§āĻā§ -- āĻāĻŦāĻ āϏāĻžāĻĨā§ āϏāĻžāĻĨā§ Smith-āĻāϰ Impartial Spectator-āĻāĨ¤ āϝāĻž āĻĒāϰāĻŋāĻŽāĻžāĻĒ āĻāϰāĻž āϝāĻžāϝāĻŧ āύāĻž, āϤāĻž āĻā§āϰā§āϤā§āĻŦ āĻĒāĻžāϝāĻŧ āύāĻž -- āĻāĻ āĻŽāĻžāύāϏāĻŋāĻāϤāĻž Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύā§āϰ āĻāĻŦāϰ āĻā§āĻāĻĄāĻŧā§āĻā§āĨ¤
āĻāĻžāϰāĻŖ ā§Ģ -- āϰāĻžāĻāύā§āϤāĻŋāĻ āϏā§āĻŦāĻŋāϧāĻž
Cold War (⧧⧝ā§Ēā§-⧧⧝⧝⧧) Adam Smith-āĻāϰ āĻāĻāĻĒā§āĻļā§ āĻĒāĻžāĻ āĻā§ āύāϤā§āύ āĻŽāĻžāϤā§āϰāĻž āĻĻāĻŋāϝāĻŧā§āĻāĻŋāϞāĨ¤ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻ vs āϏāĻžāĻŽā§āϝāĻŦāĻžāĻĻ -- āĻāĻ āĻĻā§āĻŦāύā§āĻĻā§āĻŦā§ Invisible Hand āĻšāϝāĻŧā§ āĻāĻ ā§āĻāĻŋāϞ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻā§āϰ āĻĒā§āϰāϤā§āĻāĨ¤ Free market = freedom = democracy = AmericaāĨ¤ āĻāĻ āϏāĻŽā§āĻāϰāĻŖā§ Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύā§āϰ āĻā§āύ⧠āĻāĻžāϝāĻŧāĻāĻž āĻāĻŋāϞ āύāĻž -- āĻāĻžāϰāĻŖ āύā§āϤāĻŋāĻ āϏāĻāϝāĻŽ āĻ āϏāĻžāĻŽāĻžāĻāĻŋāĻ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦā§āϰ āĻāĻĨāĻž āĻŦāϞāϞ⧠āϏā§āĻāĻŋ āϏāĻŽāĻžāĻāϤāύā§āϤā§āϰā§āϰ āĻāĻžāĻāĻžāĻāĻžāĻāĻŋ āĻļā§āύāĻžāϤā§āĨ¤ Angus Burgin āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻž The Great Persuasion (2012, Harvard University Press)-āϤ⧠āĻŦāĻŋāϏā§āϤāĻžāϰāĻŋāϤ āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āĻā§āĻāĻžāĻŦā§ Cold War-āĻāϰ āϰāĻžāĻāύā§āϤāĻŋ free market narrative-āĻā§ āĻāĻā§āĻāϤāĻžāϝāĻŧ āύāĻŋāϝāĻŧā§ āĻā§āĻā§ āĻāĻŦāĻ Smith-āĻāϰ āĻŦāĻŋāĻāϞā§āĻĒ āĻĒāĻžāĻ āĻā§ āĻĻāĻŽāĻŋāϝāĻŧā§ āϰā§āĻā§āĻā§āĨ¤
Margaret Thatcher-āĻāϰ āĻŦāĻŋāĻā§āϝāĻžāϤ āĻāĻā§āϤāĻŋ 'There Is No Alternative' (TINA) -- āĻāĻāĻŋ āĻāĻŋāϞ Invisible Hand āĻĻāϰā§āĻļāύā§āϰ āϰāĻžāĻāύā§āϤāĻŋāĻ āϰā§āĻĒāĨ¤ āĻŦāĻŋāĻāϞā§āĻĒ āύā§āĻ, āĻŦāĻžāĻāĻžāϰāĻ āĻāĻāĻŽāĻžāϤā§āϰ āĻĒāĻĨ, āϏāϰāĻāĻžāϰ āϝāϤ āĻāĻŽ āĻšāϏā§āϤāĻā§āώā§āĻĒ āĻāϰāĻŦā§ āϤāϤ āĻāĻžāϞā§āĨ¤ āĻāĻ āĻŽāϤāĻžāĻĻāϰā§āĻļ ā§§ā§¯ā§Žā§Ļ āĻĨā§āĻ⧠⧍ā§Ļā§Ļā§Ž āĻĒāϰā§āϝāύā§āϤ āĻŦāĻŋāĻļā§āĻŦ āĻ āϰā§āĻĨāύā§āϤāĻŋāϤ⧠āĻāϧāĻŋāĻĒāϤā§āϝ āĻŦāĻŋāϏā§āϤāĻžāϰ āĻāϰā§āĻā§āĨ¤ āĻāĻŦāĻ āĻāϰ āĻŽāϤāĻžāĻĻāϰā§āĻļāĻŋāĻ āĻāĻŋāϤā§āϤāĻŋ āĻšāĻŋāϏā§āĻŦā§ āĻŦā§āϝāĻŦāĻšā§āϤ āĻšāϝāĻŧā§āĻā§ Adam Smith-āĻāϰ āύāĻžāĻŽ -- āϝāĻĻāĻŋāĻ Smith āύāĻŋāĻā§ āĻāĻ āĻāϰāĻŽ āĻ āĻŦāϏā§āĻĨāĻžāύā§āϰ āϏāĻŽāϰā§āĻĨāĻ āĻāĻŋāϞā§āύ āύāĻžāĨ¤
| āĻāĻžāϰāĻŖ | āĻāϤāĻŋāĻšāĻžāϏāĻŋāĻ āĻĒā§āϰā§āĻā§āώāĻžāĻĒāĻ | āĻŽā§āϞ āĻĒā§āϰāĻāĻžāĻŦāĻ | āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻā§āϏ |
| āĻļāĻŋāϞā§āĻĒ āĻŦāĻŋāĻĒā§āϞāĻŦā§āϰ āĻāĻžāĻšāĻŋāĻĻāĻž | ā§§ā§Ž-⧧⧝ āĻļāϤāĻ, āĻļāĻŋāϞā§āĻĒāĻĒāϤāĻŋāĻĻā§āϰ āύā§āϝāĻžāϝā§āϝāϤāĻžāϰ āĻĒā§āϰāϝāĻŧā§āĻāύ | āĻļāĻŋāϞā§āĻĒāĻĒāϤāĻŋ āĻļā§āϰā§āĻŖāĻŋ | Eric Hobsbawm, The Age of Revolution (1962) |
| Das Adam Smith Problem | ⧧⧝ āĻļāϤāĻ, āĻāĻžāϰā§āĻŽāĻžāύ āĻĒāĻŖā§āĻĄāĻŋāϤāĻĻā§āϰ āĻā§āϤā§āϰāĻŋāĻŽ āĻŦāĻŋāĻāĻžāĻāύ | āĻāĻžāϰā§āĻŽāĻžāύ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻ āĻāĻŋāύā§āϤāĻžāĻŦāĻŋāĻĻāϰāĻž | Keith Tribe, The Economy of the Word (2015) |
| Chicago School | ⧧⧝ā§Ģā§Ļ-ā§§ā§¯ā§Žā§Ļ, āύāĻŋāϰā§āĻŦāĻžāĻāύ⧠Smith āĻĒāĻžāĻ | Milton Friedman, George Stigler | Philip Mirowski, More Heat than Light (1989) |
| āĻāĻŖāĻŋāϤā§āϰ āĻāϧāĻŋāĻĒāϤā§āϝ | ⧍ā§Ļ āĻļāϤāĻ, āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ mathematization | Neoclassical economists | Robert Heilbroner, The Worldly Philosophers (1953/1999) |
| Cold War āϰāĻžāĻāύā§āϤāĻŋ | ⧧⧝ā§Ēā§-⧧⧝⧝⧧, āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻ vs āϏāĻžāĻŽā§āϝāĻŦāĻžāĻĻ | Reagan, Thatcher, TINA | Angus Burgin, The Great Persuasion (2012) |
Note: āĻĒā§āϰāϤāĻŋāĻāĻŋ āĻāĻžāϰāĻŖā§āϰ āĻĒā§āĻāύ⧠āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻāĻžāĻĄā§āĻŽāĻŋāĻ āĻāĻŦā§āώāĻŖāĻž āĻāϞā§āϞā§āĻ āĻāϰāĻž āĻšāϝāĻŧā§āĻā§āĨ¤ āĻāĻāĻŋ āĻā§āύ⧠āώāĻĄāĻŧāϝāύā§āϤā§āϰ āϤāϤā§āϤā§āĻŦ āύāϝāĻŧ -- āĻāĻāĻŋ documented intellectual historyāĨ¤
āĻāĻ ā§ĢāĻāĻŋ āĻāĻžāϰāĻŖ āĻŽāĻŋāϞāĻŋāϝāĻŧā§ Adam Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύ āĻāϤāĻŋāĻšāĻžāϏ āĻĨā§āĻā§ āĻĒā§āϰāĻžāϝāĻŧ āĻŽā§āĻā§ āĻā§āĻā§āĨ¤ āĻāĻŋāύā§āϤ⧠Smith āύāĻŋāĻā§ āĻā§ āĻŦāϞā§āĻāĻŋāϞā§āύ? āĻāϞā§āύ āϤāĻžāĻāϰ āύāĻŋāĻā§āϰ āĻāĻĨāĻžāϝāĻŧ āĻĒā§āϰāĻŽāĻžāĻŖ āĻĻā§āĻāĻŋāĨ¤
āĻĒā§āϰāĻŽāĻžāĻŖ -- Smith-āĻāϰ āύāĻŋāĻā§āϰ āĻāĻĨāĻžāϝāĻŧ
āĻāĻāύ āĻĒāϰā§āϝāύā§āϤ āĻāĻŽāϰāĻž āĻĒāĻŖā§āĻĄāĻŋāϤāĻĻā§āϰ āĻŦāĻŋāĻļā§āϞā§āώāĻŖ āĻĻā§āĻā§āĻāĻŋāĨ¤ āĻāĻŋāύā§āϤ⧠āϏāĻŦāĻā§āϝāĻŧā§ āĻļāĻā§āϤāĻŋāĻļāĻžāϞ⧠āĻĒā§āϰāĻŽāĻžāĻŖ āĻšāϞ⧠Smith-āĻāϰ āύāĻŋāĻā§āϰ āϞā§āĻāĻžāĨ¤ āϤāĻžāĻāϰ āĻĻā§āĻāĻŋ āĻŦāĻ āĻĨā§āĻā§ āϏāϰāĻžāϏāϰāĻŋ āĻāĻĻā§āϧā§āϤāĻŋ āĻĻāĻŋāϞ⧠āĻĻā§āĻāĻž āϝāĻžāϝāĻŧ āϝ⧠āϤāĻžāĻāĻā§ āĻļā§āϧ⧠self-interest-āĻāϰ āϤāĻžāϤā§āϤā§āĻŦāĻŋāĻ āĻšāĻŋāϏā§āĻŦā§ āĻāĻĒāϏā§āĻĨāĻžāĻĒāύ āĻāϰāĻž āĻāϤāĻāĻž āĻā§āϞāĨ¤ Smith āĻāĻŋāϞā§āύ āĻāĻāĻāύ āĻāĻā§āϰ āύā§āϤāĻŋāĻ āĻāĻŋāύā§āϤāĻžāĻŦāĻŋāĻĻ āϝāĻŋāύāĻŋ āϏāĻŽāĻžāĻā§āϰ āĻāϞā§āϝāĻžāĻŖ, āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰ āĻāĻŦāĻ āĻĻāϰāĻŋāĻĻā§āϰāĻĻā§āϰ āĻ āϧāĻŋāĻāĻžāϰ āύāĻŋāϝāĻŧā§ āϤā§āĻŦā§āϰāĻāĻžāĻŦā§ āĻāĻŋāύā§āϤāĻŋāϤ āĻāĻŋāϞā§āύāĨ¤
Smith āύā§āϤāĻŋāĻāϤāĻž āϏāĻŽā§āĻĒāϰā§āĻā§
The Theory of Moral Sentiments, Part II, Section II, Chapter 3-āϤ⧠Smith āϞāĻŋāĻā§āĻā§āύ: 'Justice is the main pillar that upholds the whole edifice of society.' āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰ āĻšāϞ⧠āϏāĻŽāĻžāĻā§āϰ āĻĒā§āϰ⧠āĻāĻžāĻ āĻžāĻŽā§āϰ āĻĒā§āϰāϧāĻžāύ āϏā§āϤāĻŽā§āĻāĨ¤ āĻāĻāĻŋ āĻā§āύ⧠āĻĒāĻžāϰā§āĻļā§āĻŦ āĻŽāύā§āϤāĻŦā§āϝ āύāϝāĻŧ -- āĻāĻāĻŋ Smith-āĻāϰ āϏāĻžāĻŽāĻžāĻāĻŋāĻ āĻĻāϰā§āĻļāύā§āϰ āĻŽā§āϞ āĻāĻĨāĻžāĨ¤ āϤāĻŋāύāĻŋ āĻŦāĻŋāĻļā§āĻŦāĻžāϏ āĻāϰāϤā§āύ āĻŦāĻžāĻāĻžāϰ āĻŦā§āϝāĻŦāϏā§āĻĨāĻž āϤāĻāύāĻ āĻāĻžāĻ āĻāϰ⧠āϝāĻāύ āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰā§āϰ āĻāĻŋāϤā§āϤāĻŋ āĻŽāĻāĻŦā§āϤ āĻĨāĻžāĻā§āĨ¤ āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰ āĻāĻžāĻĄāĻŧāĻž āĻŦāĻžāĻāĻžāϰ āĻļā§āώāĻŖā§āϰ āĻšāĻžāϤāĻŋāϝāĻŧāĻžāϰ āĻšāϝāĻŧā§ āϝāĻžāϝāĻŧāĨ¤
"Justice is the main pillar that upholds the whole edifice of society." -- Adam Smith, The Theory of Moral Sentiments, Part II, Section II, Chapter 3
āĻāĻŦāĻžāϰ TMS-āĻāϰ Part I, Section III, Chapter 3-āϤ⧠Smith āĻŦāϞā§āĻā§āύ: 'Humanity does not desire to be great, but to be beloved.' āĻŽāĻžāύāĻŦāϤāĻž āĻŽāĻšāĻžāύ āĻšāϤ⧠āĻāĻžāϝāĻŧ āύāĻž, āĻĒā§āϰāĻŋāϝāĻŧ āĻšāϤ⧠āĻāĻžāϝāĻŧāĨ¤ āĻāĻ āĻŦāĻžāĻā§āϝāĻāĻŋ Smith-āĻāϰ āĻŽāĻžāύāĻŦāĻĒā§āϰāĻā§āϤāĻŋ āϏāĻŽā§āĻĒāϰā§āĻā§ āϧāĻžāϰāĻŖāĻž āĻŦāϞ⧠āĻĻā§āϝāĻŧ -- āĻŽāĻžāύā§āώ āĻļā§āϧ⧠āϏāĻŽā§āĻĒāĻĻ āĻŦāĻž āĻā§āώāĻŽāϤāĻž āĻāĻžāϝāĻŧ āύāĻž, āĻŽāĻžāύā§āώ āĻāĻžāϝāĻŧ āĻ āύā§āϝāĻĻā§āϰ āĻāĻžāĻā§ āĻā§āϰāĻšāĻŖāϝā§āĻā§āϝ, āĻĒā§āϰāĻŋāϝāĻŧ āĻāĻŦāĻ āϏāĻŽā§āĻŽāĻžāύāĻŋāϤ āĻšāϤā§āĨ¤ āĻāĻāĻŋ self-interest theory-āϰ āϏāϰāĻžāϏāϰāĻŋ āĻŦāĻŋāϰā§āϧā§āĨ¤
Smith āĻŦā§āώāĻŽā§āϝ āϏāĻŽā§āĻĒāϰā§āĻā§
The Wealth of Nations, Book I, Chapter 8-āĻ Smith āĻāĻāĻāĻŋ āĻāĻŽāĻāĻĒā§āϰāĻĻ āĻŦāĻžāĻā§āϝ āϞāĻŋāĻā§āĻā§āύ: 'No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable.' āĻā§āύ⧠āϏāĻŽāĻžāĻ āϏāĻŽā§āĻĻā§āϧ āĻŦāĻž āϏā§āĻā§ āĻšāϤ⧠āĻĒāĻžāϰ⧠āύāĻž āϝāĻĻāĻŋ āϤāĻžāϰ āĻŦā§āĻļāĻŋāϰāĻāĻžāĻ āϏāĻĻāϏā§āϝ āĻĻāϰāĻŋāĻĻā§āϰ āĻ āĻĻā§āĻāĻā§ āĻšāϝāĻŧāĨ¤ āĻāĻāĻŋ The Wealth of Nations āĻĨā§āĻā§ -- āϏā§āĻ āĻŦāĻ āϝāĻžāĻā§ āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻā§āϰ āĻŦāĻžāĻāĻŦā§āϞ āĻŦāϞāĻž āĻšāϝāĻŧ! āĻāĻŋāύā§āϤ⧠āĻāĻ āĻāĻĻā§āϧā§āϤāĻŋāĻāĻŋ āĻāĻāύ⧠āĻāϞā§āϞā§āĻ āĻāϰāĻž āĻšāϝāĻŧ āύāĻž āĻāĻžāϰāĻŖ āĻāĻāĻŋ unregulated capitalism-āĻāϰ āĻŦāĻŋāĻĒāĻā§āώ⧠āϝāĻžāϝāĻŧāĨ¤
Jesse Norman -- āĻŦā§āϰāĻŋāĻāĻŋāĻļ āϰāĻžāĻāύā§āϤāĻŋāĻŦāĻŋāĻĻ āĻ āϞā§āĻāĻ -- āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻž Adam Smith: What He Thought and Why It Matters (2018)-āϤ⧠āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith āĻŦā§āώāĻŽā§āϝ āύāĻŋāϝāĻŧā§ āĻāĻā§āϰāĻāĻžāĻŦā§ āĻāĻĻā§āĻŦāĻŋāĻā§āύ āĻāĻŋāϞā§āύāĨ¤ Smith āĻŦāĻŋāĻļā§āώāĻāĻžāĻŦā§ āĻāĻŋāύā§āϤāĻŋāϤ āĻāĻŋāϞā§āύ āĻļāĻŋāϞā§āĻĒ āĻļā§āϰāĻŽāĻŋāĻāĻĻā§āϰ āύā§āϤāĻŋāĻ āĻ āĻŦāĻā§āώāϝāĻŧ āύāĻŋāϝāĻŧā§ -- āϤāĻŋāύāĻŋ āĻŽāύ⧠āĻāϰāϤā§āύ āĻāĻāĻā§āϝāĻŧā§, āĻĒā§āύāϰāĻžāĻŦā§āϤā§āϤāĻŋāĻŽā§āϞāĻ āĻāĻžāĻ āĻŽāĻžāύā§āώā§āϰ āĻŦā§āĻĻā§āϧāĻŋāĻŦā§āϤā§āϤāĻŋāĻ āĻ āύā§āϤāĻŋāĻ āϏāĻā§āώāĻŽāϤāĻž āϧā§āĻŦāĻāϏ āĻāϰā§āĨ¤ āĻāĻ āĻāĻžāϰāĻŖā§āĻ āϤāĻŋāύāĻŋ āϏāϰāĻāĻžāϰāĻŋ āĻļāĻŋāĻā§āώāĻžāϰ āĻĒāĻā§āώ⧠āĻāĻŋāϞā§āύāĨ¤
Smith āϏāϰāĻāĻžāϰā§āϰ āĻā§āĻŽāĻŋāĻāĻž āϏāĻŽā§āĻĒāϰā§āĻā§
āĻāύāĻĒā§āϰāĻŋāϝāĻŧ āĻŦāĻŋāĻļā§āĻŦāĻžāϏā§āϰ āĻŦāĻŋāĻĒāϰā§āϤā§, Adam Smith āϏāϰāĻāĻžāϰāĻŋ āĻšāϏā§āϤāĻā§āώā§āĻĒā§āϰ āϏāĻŽā§āĻĒā§āϰā§āĻŖ āĻŦāĻŋāϰā§āϧ⧠āĻāĻŋāϞā§āύ āύāĻžāĨ¤ The Wealth of Nations-āĻāϰ Book V-āϤ⧠āϤāĻŋāύāĻŋ āϏā§āĻĒāώā§āĻ āĻāĻžāώāĻžāϝāĻŧ āϏāϰāĻāĻžāϰā§āϰ āϤāĻŋāύāĻāĻŋ āĻŽā§āϞ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦā§āϰ āĻāĻĨāĻž āĻŦāϞā§āĻā§āύ: āĻāĻžāϤā§āϝāĻŧ āĻĒā§āϰāϤāĻŋāϰāĻā§āώāĻž, āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰ āĻŦā§āϝāĻŦāϏā§āĻĨāĻž, āĻāĻŦāĻ āĻāύāĻāϞā§āϝāĻžāĻŖāĻŽā§āϞāĻ āĻāĻžāĻ āϝā§āĻā§āϞ⧠private sector-āĻāϰ āĻĒāĻā§āώ⧠āϞāĻžāĻāĻāύāĻāĻāĻžāĻŦā§ āĻāϰāĻž āϏāĻŽā§āĻāĻŦ āύāϝāĻŧ -- āϝā§āĻŽāύ āĻļāĻŋāĻā§āώāĻž, āĻ āĻŦāĻāĻžāĻ āĻžāĻŽā§ āĻāĻŦāĻ āĻŦā§āϝāĻžāĻāĻāĻŋāĻ āύāĻŋāϝāĻŧāύā§āϤā§āϰāĻŖāĨ¤ āϤāĻŋāύāĻŋ āĻāϰāĻ āĻŦāϞā§āĻā§āύ āϝ⧠āϏāϰāĻāĻžāϰā§āϰ āĻāĻāĻŋāϤ āĻļā§āϰāĻŽāĻŋāĻāĻĻā§āϰ āĻļā§āώāĻŖ āĻĨā§āĻā§ āϰāĻā§āώāĻž āĻāϰāĻžāĨ¤
Smith āĻāĻŽāύāĻāĻŋ āĻāĻ āϧāϰāύā§āϰ progressive taxation-āĻāϰāĻ āĻĒāĻā§āώ⧠āĻāĻŋāϞā§āύāĨ¤ WN Book V, Chapter 2-āϤ⧠āϤāĻŋāύāĻŋ āϞāĻŋāĻā§āĻā§āύ: 'The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.' āĻ āϰā§āĻĨāĻžā§ āϝ⧠āϝāϤ āĻŦā§āĻļāĻŋ āĻāϝāĻŧ āĻāϰā§, āϤāĻžāϰ āϤāϤ āĻŦā§āĻļāĻŋ āĻāϰ āĻĻā§āĻāϝāĻŧāĻž āĻāĻāĻŋāϤāĨ¤ āĻāĻāĻŋ āĻāĻŋ laissez-faire-āĻāϰ āĻāĻžāώāĻž?
Noam Chomsky -- MIT-āĻāϰ āĻĒā§āϰāĻā§āϝāĻžāϤ āĻāĻžāώāĻžāĻŦāĻŋāĻā§āĻāĻžāύ⧠āĻ āĻŦā§āĻĻā§āϧāĻŋāĻā§āĻŦā§ -- āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻŦāĻā§āϤā§āϤāĻž āĻ āϞā§āĻāĻžāϝāĻŧ āĻŦāĻžāϰāĻŦāĻžāϰ āĻŦāϞā§āĻā§āύ āϝ⧠Adam Smith āϤāĻžāĻāϰ āύāĻžāĻŽā§ āϝāĻž āĻāϰāĻž āĻšāĻā§āĻā§ āϤāĻž āĻĻā§āĻāϞ⧠āĻāϤāĻā§āĻāĻŋāϤ āĻšāϤā§āύāĨ¤ Chomsky āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith āϝ⧠division of labor-āĻāϰ āĻāĻĨāĻž āĻŦāϞā§āĻāĻŋāϞā§āύ, āϤāĻžāϰ āĻā§āώāϤāĻŋāĻāϰ āĻĒā§āϰāĻāĻžāĻŦ āύāĻŋāϝāĻŧā§ Smith āύāĻŋāĻā§āĻ āϏāϤāϰā§āĻ āĻāϰā§āĻāĻŋāϞā§āύ -- āĻāĻŋāύā§āϤ⧠āϏā§āĻ āϏāϤāϰā§āĻāϤāĻž āϏāĻŦāĻžāĻ āĻāĻĒā§āĻā§āώāĻž āĻāϰā§āĻā§āĨ¤
"No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable." -- Adam Smith, The Wealth of Nations, Book I, Chapter 8
Smith-āĻāϰ āύāĻŋāĻā§āϰ āĻāĻĨāĻžāĻ āĻĒā§āϰāĻŽāĻžāĻŖ āĻāϰ⧠āϝ⧠āϤāĻŋāύāĻŋ āĻļā§āϧ⧠self-interest-āĻāϰ āϤāĻžāϤā§āϤā§āĻŦāĻŋāĻ āĻāĻŋāϞā§āύ āύāĻžāĨ¤ āĻāĻŋāύā§āϤ⧠āϤāĻžāĻāϰ Impartial Spectator āĻā§āϞ⧠āϝāĻžāĻāϝāĻŧāĻžāϰ āĻŦāĻžāϏā§āϤāĻŦ āĻĒāϰāĻŋāĻŖāϤāĻŋ āĻā§ āĻšāϝāĻŧā§āĻā§? āĻāϞā§āύ āĻĻā§āĻāĻŋāĨ¤
āĻĢāϞāĻžāĻĢāϞ -- Impartial Spectator āĻā§āϞ⧠āϝāĻžāĻāϝāĻŧāĻžāϰ āĻĒāϰāĻŋāĻŖāϤāĻŋ
Adam Smith-āĻāϰ Impartial Spectator āĻā§āϞ⧠āĻāĻŋāϝāĻŧā§ āĻļā§āϧ⧠Invisible Hand-āĻā§ āϧāϰ⧠āϰāĻžāĻāĻžāϰ āĻĒāϰāĻŋāĻŖāϤāĻŋ āĻāĻŽāϰāĻž āĻāĻ āĻāĻžāϰāĻĒāĻžāĻļā§ āĻĻā§āĻāϤ⧠āĻĒāĻžāĻā§āĻāĻŋāĨ¤ āĻŦā§āώāĻŽā§āϝ, āĻĒāϰāĻŋāĻŦā§āĻļ āϧā§āĻŦāĻāϏ, āĻāϰā§āĻĨāĻŋāĻ āϏāĻāĻāĻ, āĻļā§āϰāĻŽāĻŋāĻ āĻļā§āώāĻŖ -- āĻāϰ āĻĒā§āϰāϤāĻŋāĻāĻŋāϰ āĻŽā§āϞ⧠āĻāĻā§ āύā§āϤāĻŋāĻ āĻŦāĻŋāĻāĻžāϰāĻŦā§āϧ āĻāĻžāĻĄāĻŧāĻž āĻ āϰā§āĻĨāύā§āϤāĻŋāĻ āĻāĻžāϰā§āϝāĻāϞāĻžāĻĒāĨ¤ Smith āϝāĻĻāĻŋ āĻāĻ āĻŦā§āĻāĻā§ āĻĨāĻžāĻāϤā§āύ, āϤāĻŋāύāĻŋ āϏāĻŽā§āĻāĻŦāϤ āĻŦāϞāϤā§āύ: āĻāĻŽāĻŋ āϤ⧠āĻāĻ āϏāϤāϰā§āĻāϤāĻž āĻĻāĻŋāϝāĻŧā§āĻāĻŋāϞāĻžāĻŽ -- āϤā§āĻŽāϰāĻž āĻļā§āύā§āύāĻŋāĨ¤
āĻŦā§āώāĻŽā§āϝ āĻŦāĻŋāϏā§āĻĢā§āϰāĻŖ
Oxfam-āĻāϰ ⧍ā§Ļ⧍ā§Ģ āϏāĻžāϞā§āϰ Inequality Report āĻ āύā§āϝāĻžāϝāĻŧā§, āĻŦāĻŋāĻļā§āĻŦā§āϰ āĻļā§āϰā§āώ ā§§% āϧāύā§āϰ āĻšāĻžāϤ⧠āĻŽā§āĻ āϏāĻŽā§āĻĒāĻĻā§āϰ āĻĒā§āϰāĻžāϝāĻŧ ā§Ēā§Ŧ%āĨ¤ ⧍ā§Ļā§§ā§Ļ āϏāĻžāϞ⧠āĻāĻ āϏāĻāĻā§āϝāĻž āĻāĻŋāϞ ā§Šā§Ŧ%āĨ¤ āĻ āϰā§āĻĨāĻžā§ āĻŽāĻžāϤā§āϰ ā§§ā§Ģ āĻŦāĻāϰ⧠āĻŦā§āώāĻŽā§āϝ ā§§ā§Ļ āĻļāϤāĻžāĻāĻļ āĻĒāϝāĻŧā§āύā§āĻ āĻŦā§āĻĄāĻŧā§āĻā§āĨ¤ Thomas Piketty āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻž Capital in the Twenty-First Century (2014)-āϤ⧠āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠āϏāĻŽā§āĻĒāĻĻ āĻŦā§āώāĻŽā§āϝ āĻĒā§āϰāĻĨāĻŽ āĻŦāĻŋāĻļā§āĻŦāϝā§āĻĻā§āϧā§āϰ āĻāĻā§āϰ āĻŽāĻžāϤā§āϰāĻžāϝāĻŧ āĻĢāĻŋāϰ⧠āĻā§āĻā§āĨ¤ Piketty-āϰ āĻŽā§āϞ āϝā§āĻā§āϤāĻŋ: āϝāĻāύ r > g (āĻŽā§āϞāϧāύā§āϰ return āĻŦā§āĻĻā§āϧāĻŋāϰ āĻšāĻžāϰā§āϰ āĻā§āϝāĻŧā§ āĻŦā§āĻļāĻŋ), āϤāĻāύ āĻŦā§āώāĻŽā§āϝ āĻ āύāĻŋāĻŦāĻžāϰā§āϝāĻāĻžāĻŦā§ āĻŦāĻžāĻĄāĻŧā§āĨ¤
Credit Suisse Global Wealth Report 2024 (published) āĻ āύā§āϝāĻžāϝāĻŧā§, āĻŦāĻŋāĻļā§āĻŦā§āϰ āĻŽā§āĻ āϏāĻŽā§āĻĒāĻĻ $454.4 trillionāĨ¤ āĻāϰ āĻŽāϧā§āϝ⧠āĻļā§āϰā§āώ ā§§% āϧāύā§āϰ āĻšāĻžāϤ⧠āĻĒā§āϰāĻžāϝāĻŧ $208 trillionāĨ¤ āύāĻŋāĻā§āϰ ā§Ģā§Ļ% āĻŽāĻžāύā§āώā§āϰ āĻšāĻžāϤ⧠āĻŽāĻžāϤā§āϰ $5.3 trillion -- āĻŽā§āĻ āϏāĻŽā§āĻĒāĻĻā§āϰ ā§§.⧍%āĨ¤ āĻāĻ āĻĒāϰāĻŋāϏāĻāĻā§āϝāĻžāύ Smith-āĻāϰ āϏāĻŽāϝāĻŧā§āϰ āĻā§āϝāĻŧā§ āĻ āύā§āĻ āĻŦā§āĻļāĻŋ āĻāϰāĻŽāĨ¤ ā§§ā§Ž āĻļāϤāĻā§ āϝ⧠āĻŦā§āώāĻŽā§āϝ Smith-āĻā§ āĻāĻĻā§āĻŦāĻŋāĻā§āύ āĻāϰā§āĻāĻŋāϞ, āĻāĻāĻā§āϰ āĻŦā§āώāĻŽā§āϝ āϤāĻžāϰ āĻā§āϝāĻŧā§ āĻāϝāĻŧā§āĻāĻā§āĻŖ āĻŦā§āĻļāĻŋāĨ¤
Smith-āĻāϰ Impartial Spectator āϝāĻĻāĻŋ āĻāϧā§āύāĻŋāĻ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻ āĻŦā§āϝāĻŦāϏā§āĻĨāĻžāϝāĻŧ āĻĨāĻžāĻāϤā§, āϤāĻžāĻšāϞ⧠āĻāĻŋ āĻāĻāĻāύ āύāĻŋāϰāĻĒā§āĻā§āώ āĻĒāϰā§āϝāĻŦā§āĻā§āώāĻ āĻāĻāĻŋ āĻŽā§āύ⧠āύāĻŋāϤā§āύ āϝ⧠⧍ā§Ŧ āĻāύ āĻŦā§āϝāĻā§āϤāĻŋāϰ āϏāĻŽā§āĻĒāĻĻ āĻŦāĻŋāĻļā§āĻŦā§āϰ āĻĻāϰāĻŋāĻĻā§āϰāϤāĻŽ ā§Ģā§Ļ% āĻŽāĻžāύā§āώā§āϰ āϏāĻŽāĻžāύ? Smith āύāĻŋāĻā§āĻ āĻŦāϞā§āĻāĻŋāϞā§āύ -- 'No society can flourish where the greater part of the members are poor and miserable.' āĻāĻŋāύā§āϤ⧠āĻāĻŽāϰāĻž āĻ āĻŋāĻ āϏā§āĻ āϏāĻŽāĻžāĻāĻ āϤā§āϰāĻŋ āĻāϰā§āĻāĻŋāĨ¤
āĻĒāϰāĻŋāĻŦā§āĻļ āϧā§āĻŦāĻāϏ
IPCC (Intergovernmental Panel on Climate Change)-āĻāϰ ⧍ā§Ļā§¨ā§Š āϏāĻžāϞā§āϰ Synthesis Report āĻ āύā§āϝāĻžāϝāĻŧā§, āĻāϞāĻŦāĻžāϝāĻŧā§ āϏāĻāĻāĻā§āϰ āĻŽā§āϞ āĻāĻžāϰāĻŖ āĻšāϞ⧠āύā§āϤāĻŋāĻ āϏāĻāϝāĻŽ āĻāĻžāĻĄāĻŧāĻž āϏā§āĻŽāĻžāĻšā§āύ āĻŽā§āύāĻžāĻĢāĻžāϰ āĻ āύā§āϏāύā§āϧāĻžāύāĨ¤ Carbon Tracker-āĻāϰ ⧍ā§Ļ⧍ā§Ģ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āϤāĻĨā§āϝ āĻ āύā§āϝāĻžāϝāĻŧā§, āĻŦāĻŋāĻļā§āĻŦā§āϰ āĻŽāĻžāϤā§āϰ ā§§ā§Ļā§ĻāĻāĻŋ āĻā§āĻŽā§āĻĒāĻžāύāĻŋ āĻŽā§āĻ greenhouse gas emission-āĻāϰ ā§ā§§% āĻāύā§āϝ āĻĻāĻžāϝāĻŧā§āĨ¤ āĻāĻ āĻā§āĻŽā§āĻĒāĻžāύāĻŋāĻā§āϞ⧠āĻĻāĻļāĻā§āϰ āĻĒāϰ āĻĻāĻļāĻ āĻāĻžāύāϤ⧠āϝ⧠āϤāĻžāĻĻā§āϰ āĻāĻžāϰā§āϝāĻāϞāĻžāĻĒ āĻĒāϰāĻŋāĻŦā§āĻļ āϧā§āĻŦāĻāϏ āĻāϰāĻā§ -- āĻāĻŋāύā§āϤ⧠quarterly earnings-āĻāϰ āĻāĻžāĻĒā§ āϤāĻžāϰāĻž āϏā§āĻāĻŋ āĻāĻĒā§āĻā§āώāĻž āĻāϰā§āĻā§āĨ¤
Smith-āĻāϰ Impartial Spectator āĻāĻāĻžāύ⧠āĻā§ āĻŦāϞāϤā§? āĻāĻāĻāύ āύā§āϝāĻžāϝāĻŧāĻĒāϰāĻžāϝāĻŧāĻŖ, āϏāϰā§āĻŦāĻā§āĻ āĻĒāϰā§āϝāĻŦā§āĻā§āώāĻ āĻāĻŋ āĻŽā§āύ⧠āύāĻŋāϤā§āύ āϝ⧠āĻāĻāĻā§āϰ āĻŽā§āύāĻžāĻĢāĻžāϰ āĻāύā§āϝ āĻāĻāĻžāĻŽā§āĻāĻžāϞā§āϰ āĻĒā§āĻĨāĻŋāĻŦā§ āϧā§āĻŦāĻāϏ āĻāϰāĻž āĻšā§āĻ? Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻāĻžāĻ āĻžāĻŽā§āϤ⧠āĻāĻāĻŋ āĻ āύā§āĻŽā§āĻĻāύāϝā§āĻā§āϝ āύāϝāĻŧāĨ¤ āĻāĻŋāύā§āϤ⧠Invisible Hand-only economics-āĻ āĻĒāϰāĻŋāĻŦā§āĻļ āĻāĻāĻāĻŋ externality -- āĻŦāĻžāĻāĻžāϰā§āϰ āĻŦāĻžāĻāϰā§āϰ āĻŦāĻŋāώāϝāĻŧ, āϝāĻž āĻŽā§āϞā§āϝ āύāĻŋāϰā§āϧāĻžāϰāĻŖā§ āĻāϏ⧠āύāĻžāĨ¤
āĻāϰā§āĻĨāĻŋāĻ āϏāĻāĻāĻ
⧍ā§Ļā§Ļā§Ž āϏāĻžāϞā§āϰ āĻŦā§āĻļā§āĻŦāĻŋāĻ āĻāϰā§āĻĨāĻŋāĻ āϏāĻāĻāĻ āĻšāϞ⧠Impartial Spectator-āĻšā§āύ āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ āϏāĻŦāĻā§āϝāĻŧā§ āύāĻžāĻāĻā§āϝāĻŧ āĻāĻĻāĻžāĻšāϰāĻŖāĨ¤ Financial Crisis Inquiry Commission (FCIC)-āĻāϰ ⧍ā§Ļā§§ā§§ āϏāĻžāϞā§āϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āϰāĻŋāĻĒā§āϰā§āĻ āĻ āύā§āϝāĻžāϝāĻŧā§, āĻāĻ āϏāĻāĻāĻā§āϰ āĻŽā§āϞ āĻāĻžāϰāĻŖ āĻāĻŋāϞ āĻ āύāĻŋāϝāĻŧāύā§āϤā§āϰāĻŋāϤ āϞā§āĻ -- āĻŦā§āϝāĻžāĻāĻāĻžāϰāϰāĻž āĻāĻžāύāϤā§āύ toxic mortgage-backed securities āĻŦāĻŋāĻā§āϰāĻŋ āĻā§āĻāĻāĻŋāĻĒā§āϰā§āĻŖ, āĻāĻŋāύā§āϤ⧠āϏā§āĻŦāϞā§āĻĒāĻŽā§āϝāĻŧāĻžāĻĻā§ āĻŽā§āύāĻžāĻĢāĻžāϰ āĻāύā§āϝ āϤāĻžāϰāĻž āϏāĻā§āϤāύāĻāĻžāĻŦā§ āϏā§āĻāĻŋ āĻāϰā§āĻā§āύāĨ¤ āĻĢāϞāĻžāĻĢāϞ? āϞāĻā§āώ āϞāĻā§āώ āĻĒāϰāĻŋāĻŦāĻžāϰ āĻŦāĻžāĻĄāĻŧāĻŋ āĻšāĻžāϰāĻŋāϝāĻŧā§āĻā§, āĻŦāĻŋāĻļā§āĻŦ āĻ āϰā§āĻĨāύā§āϤāĻŋ āĻā§āĻā§ āĻĒāĻĄāĻŧā§āĻā§āĨ¤
āĻĒā§āϰāĻļā§āύ āĻāϰā§āύ: āϝāĻĻāĻŋ Impartial Spectator āĻāĻ āĻŦā§āϝāĻžāĻāĻāĻžāϰāĻĻā§āϰ āĻŽāύ⧠āϏāĻā§āϰāĻŋāϝāĻŧ āĻĨāĻžāĻāϤ⧠-- āϝāĻĻāĻŋ āϤāĻžāϰāĻž āĻāĻžāĻŦāϤā§āύ āĻāĻāĻāύ āύāĻŋāϰāĻĒā§āĻā§āώ āĻĒāϰā§āϝāĻŦā§āĻā§āώāĻ āϤāĻžāĻĻā§āϰ āĻĻā§āĻāĻā§āύ āĻāĻŦāĻ āĻŦāĻŋāĻāĻžāϰ āĻāϰāĻā§āύ -- āϤāĻžāĻšāϞ⧠āĻāĻŋ āϤāĻžāϰāĻž āĻā§āύā§āĻļā§āύ⧠āĻĒāϰāĻŋāĻŦāĻžāϰāĻā§āϞā§āĻā§ āĻāĻŽāύ mortgage āĻĻāĻŋāϤā§āύ āϝāĻž āϤāĻžāϰāĻž āĻĒāϰāĻŋāĻļā§āϧ āĻāϰāϤ⧠āĻĒāĻžāϰāĻŦā§ āύāĻž? Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻāĻžāĻ āĻžāĻŽā§ āĻ āĻŋāĻ āĻāĻ āϧāϰāύā§āϰ āĻāϤā§āĻŽ-āύāĻŋāϝāĻŧāύā§āϤā§āϰāĻŖā§āϰ āĻāĻĨāĻžāĻ āĻŦāϞā§āĻāĻŋāϞāĨ¤
āĻļā§āϰāĻŽāĻŋāĻ āĻļā§āώāĻŖ
International Labour Organization (ILO)-āĻāϰ ⧍ā§Ļ⧍ā§Ģ āϏāĻžāϞā§āϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āϤāĻĨā§āϝ āĻ āύā§āϝāĻžāϝāĻŧā§, āĻŦāĻŋāĻļā§āĻŦāĻŦā§āϝāĻžāĻĒā§ āĻĒā§āϰāĻžāϝāĻŧ ā§¨ā§Ž āĻŽāĻŋāϞāĻŋāϝāĻŧāύ āĻŽāĻžāύā§āώ āĻā§āϰāĻĒā§āϰā§āĻŦāĻ āĻļā§āϰāĻŽā§ āύāĻŋāϝāĻŧā§āĻāĻŋāϤāĨ¤ āĻāϰāĻ ā§§ā§Ŧā§Ļ āĻŽāĻŋāϞāĻŋāϝāĻŧāύ āĻļāĻŋāĻļā§ āĻļāĻŋāĻļā§āĻļā§āϰāĻŽā§ āĻāĻĄāĻŧāĻŋāϤāĨ¤ āĻāĻ āϏāĻāĻā§āϝāĻžāĻā§āϞ⧠āĻā§āύ⧠āĻĻā§āϰāĻŦāϰā§āϤ⧠āĻ āϤā§āϤā§āϰ āύāϝāĻŧ -- āĻāĻāĻŋ ⧍ā§Ļ⧍ā§Ģ-āĻāϰ āĻŦāĻžāϏā§āϤāĻŦāϤāĻžāĨ¤ Global supply chain-āĻ -- āϝ⧠āĻĒā§āĻļāĻžāĻ āĻāĻĒāύāĻŋ āĻĒāϰā§āύ, āϝ⧠āĻĢā§āύ āĻāĻĒāύāĻŋ āĻŦā§āϝāĻŦāĻšāĻžāϰ āĻāϰā§āύ -- āϤāĻžāϰ āĻĒā§āĻāύ⧠āϰāϝāĻŧā§āĻā§ āĻļā§āώāĻŖā§āϰ āĻāĻ āĻŦāĻŋāĻļāĻžāϞ āĻāĻžāϞāĨ¤
āĻāĻļā§āĻāϰā§āϝā§āϰ āĻŦāĻŋāώāϝāĻŧ āĻšāϞā§, Adam Smith āύāĻŋāĻā§āĻ āĻāĻ āĻļā§āώāĻŖ āϏāĻŽā§āĻĒāϰā§āĻā§ āϏāϤāϰā§āĻ āĻāϰā§āĻāĻŋāϞā§āύāĨ¤ The Wealth of Nations, Book I, Chapter 8-āĻ āϤāĻŋāύāĻŋ āϞāĻŋāĻā§āĻā§āύ: 'Masters are always and everywhere in a sort of tacit combination not to raise the wages of labor above their actual rate.' āĻŽāĻžāϞāĻŋāĻāϰāĻž āϏāĻŦāϏāĻŽāϝāĻŧ āĻāĻŦāĻ āϏāϰā§āĻŦāϤā§āϰ āĻāĻāĻāĻŋ āύā§āϰāĻŦ āĻā§āĻ āĻāĻ āύ āĻāϰ⧠āĻļā§āϰāĻŽāĻŋāĻāĻĻā§āϰ āĻŽāĻā§āϰāĻŋ āύāĻž āĻŦāĻžāĻĄāĻŧāĻžāϤā§āĨ¤ Smith āĻāĻāĻŋ ā§§ā§ā§ā§Ŧ āϏāĻžāϞ⧠āĻŦāϞā§āĻāĻŋāϞā§āύ -- ⧍ā§Ģā§Ļ āĻŦāĻāϰ āĻĒāϰā§āĻ āĻāĻāĻŋ āϏāϤā§āϝāĨ¤
| āĻā§āώā§āϤā§āϰ | āĻā§ āĻāĻā§āĻā§ | āϤāĻĨā§āϝ | āĻā§āϏ | Smith āĻā§ āĻŦāϞāϤā§āύ |
| āĻŦā§āώāĻŽā§āϝ | āϏāĻŽā§āĻĒāĻĻ āĻā§āύā§āĻĻā§āϰā§āĻā§āϤ | āĻļā§āϰā§āώ ā§§%-āĻāϰ āĻšāĻžāϤ⧠ā§Ēā§Ŧ% āϏāĻŽā§āĻĒāĻĻ | Oxfam 2025 Report | āϏāĻŽāĻžāĻ āϏāĻŽā§āĻĻā§āϧ āĻšāϤ⧠āĻĒāĻžāϰ⧠āύāĻž āϝāĻĻāĻŋ āĻŦā§āĻļāĻŋāϰāĻāĻžāĻ āĻĻāϰāĻŋāĻĻā§āϰ āĻšāϝāĻŧ |
| āĻĒāϰāĻŋāĻŦā§āĻļ | āĻāϞāĻŦāĻžāϝāĻŧā§ āϏāĻāĻāĻ | ā§§ā§Ļā§Ļ āĻā§āĻŽā§āĻĒāĻžāύāĻŋ ā§ā§§% emission-āĻāϰ āĻāύā§āϝ āĻĻāĻžāϝāĻŧā§ | Carbon Tracker 2025, IPCC | Impartial Spectator āĻāĻŦāĻŋāώā§āϝ⧠āĻĒā§āϰāĻāύā§āĻŽā§āϰ āϏā§āĻŦāĻžāϰā§āĻĨ āĻŦāĻŋāĻŦā§āĻāύāĻž āĻāϰāĻŦā§ |
| āĻāϰā§āĻĨāĻŋāĻ āϏāĻāĻāĻ | ⧍ā§Ļā§Ļā§Ž āĻŦā§āĻļā§āĻŦāĻŋāĻ āĻŽāύā§āĻĻāĻž | āϞāĻā§āώ āϞāĻā§āώ āĻĒāϰāĻŋāĻŦāĻžāϰ āĻŦāĻžāĻĄāĻŧāĻŋ āĻšāĻžāϰāĻŋāϝāĻŧā§āĻā§ | FCIC Report 2011 | āύā§āϤāĻŋāĻ āϏāĻāϝāĻŽ āĻāĻžāĻĄāĻŧāĻž āĻŦāĻžāĻāĻžāϰ āϧā§āĻŦāĻāϏāĻžāϤā§āĻŽāĻ āĻšāϝāĻŧ |
| āĻļā§āϰāĻŽāĻŋāĻ āĻļā§āώāĻŖ | āĻā§āϰāĻĒā§āϰā§āĻŦāĻ āĻļā§āϰāĻŽ | ā§¨ā§Ž āĻŽāĻŋāϞāĻŋāϝāĻŧāύ forced labor | ILO 2025 | āĻŽāĻžāϞāĻŋāĻāϰāĻž āϏāĻŦāϏāĻŽāϝāĻŧ āĻŽāĻā§āϰāĻŋ āύāĻž āĻŦāĻžāĻĄāĻŧāĻžāϤ⧠āĻā§āĻ āĻāϰ⧠|
| āĻŦāĻŋāĻļā§āĻŦāĻžāϏā§āϰ āϏāĻāĻāĻ | āĻĒā§āϰāϤāĻŋāώā§āĻ āĻžāύ⧠āĻāϏā§āĻĨāĻž āĻāĻŽāĻā§ | ā§Ŧā§Ē% āĻŽāĻžāύā§āώ āϏāϰāĻāĻžāϰ/āĻŦā§āϝāĻŦāϏāĻžāϝāĻŧ āĻ āĻŦāĻŋāĻļā§āĻŦāĻžāϏ⧠| Edelman Trust Barometer 2025 | āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰ āϏāĻŽāĻžāĻā§āϰ āĻŽā§āϞ āϏā§āϤāĻŽā§āĻ |
Note: āϤāĻĨā§āϝāϏā§āϤā§āϰ: Oxfam Inequality Report 2025, IPCC Synthesis Report 2023, FCIC Report 2011, ILO Global Estimates 2025, Edelman Trust Barometer 2025, Carbon Tracker published dataāĨ¤
āĻāĻ āĻĒāϰāĻŋāĻŖāϤāĻŋāĻā§āϞ⧠āĻĻā§āĻā§ āĻ āύā§āĻ āĻāĻŋāύā§āϤāĻžāĻŦāĻŋāĻĻ āĻāĻāύ Smith-āĻā§ āύāϤā§āύ āĻāϰ⧠āĻĒāĻĄāĻŧāĻā§āύāĨ¤ Impartial Spectator āĻāĻŋ āĻĢāĻŋāϰ⧠āĻāϏāĻā§? āĻāϞā§āύ āĻĻā§āĻāĻŋāĨ¤
āĻāϧā§āύāĻŋāĻ āĻĒā§āύāϰā§āĻŽā§āϞā§āϝāĻžāϝāĻŧāύ -- Smith-āĻā§ āύāϤā§āύ āĻāϰ⧠āĻĒāĻĄāĻŧāĻž
⧍⧧ āĻļāϤāĻā§ āĻāĻāĻāĻŋ āĻā§āϰāĻŽāĻŦāϰā§āϧāĻŽāĻžāύ āĻāĻāĻžāĻĄā§āĻŽāĻŋāĻ āĻāύā§āĻĻā§āϞāύ āĻļā§āϰ⧠āĻšāϝāĻŧā§āĻā§ -- Adam Smith-āĻā§ āϏāĻžāĻŽāĻā§āϰāĻŋāĻāĻāĻžāĻŦā§ āĻĒā§āύāϰāĻžāϝāĻŧ āĻĒāĻĄāĻŧāĻžāĨ¤ āĻļā§āϧ⧠The Wealth of Nations āύāϝāĻŧ, The Theory of Moral Sentiments-āĻāĨ¤ āĻļā§āϧ⧠Invisible Hand āύāϝāĻŧ, Impartial Spectator-āĻāĨ¤ āĻāĻ āĻĒā§āύāϰā§āĻŽā§āϞā§āϝāĻžāϝāĻŧāύā§āϰ āĻĒā§āĻāύ⧠āĻāĻā§āύ āĻŦāĻŋāĻļā§āĻŦā§āϰ āϏāĻŦāĻā§āϝāĻŧā§ āĻĒā§āϰāĻāĻžāĻŦāĻļāĻžāϞ⧠āĻāĻŋāĻā§ āĻāĻŋāύā§āϤāĻžāĻŦāĻŋāĻĻ, āĻāĻŦāĻ āϤāĻžāĻĻā§āϰ āϝā§āĻā§āϤāĻŋ āĻļāĻā§āϤāĻŋāĻļāĻžāϞ⧠āĻĒā§āϰāĻŽāĻžāĻŖā§āϰ āĻāĻĒāϰ āĻĻāĻžāĻāĻĄāĻŧāĻŋāϝāĻŧā§āĨ¤
Amartya Sen -- āύā§āĻŦā§āϞ āĻŦāĻŋāĻāϝāĻŧā§ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻŦāĻŋāĻĻ -- āĻĻāĻļāĻā§āϰ āĻĒāϰ āĻĻāĻļāĻ āϧāϰ⧠TMS āĻāĻŦāĻ WN āĻāĻāϏāĻžāĻĨā§ āĻĒāĻĄāĻŧāĻžāϰ āĻĒāĻā§āώ⧠āϝā§āĻā§āϤāĻŋ āĻĻāĻŋāĻā§āĻā§āύāĨ¤ āϤāĻžāĻāϰ The Idea of Justice (2009)-āϤ⧠āϤāĻŋāύāĻŋ āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith-āĻāϰ impartial spectator āϧāĻžāϰāĻŖāĻž āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰā§āϰ āĻāĻāĻāĻŋ āĻļāĻā§āϤāĻŋāĻļāĻžāϞ⧠āϤāĻžāϤā§āϤā§āĻŦāĻŋāĻ āĻāĻŋāϤā§āϤāĻŋ āĻšāϤ⧠āĻĒāĻžāϰā§āĨ¤ Sen-āĻāϰ capability approach -- āϝāĻž āĻŽāĻžāύā§āώā§āϰ āϏāĻā§āώāĻŽāϤāĻž āĻ āϏā§āĻŦāĻžāϧā§āύāϤāĻžāĻā§ āĻā§āύā§āĻĻā§āϰ⧠āϰāĻžāĻā§ -- āϏāϰāĻžāϏāϰāĻŋ Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύ āĻĨā§āĻā§ āĻ āύā§āĻĒā§āϰāĻžāĻŖāĻŋāϤāĨ¤
Martha Nussbaum -- University of Chicago-āϰ āĻĻāϰā§āĻļāύ āĻ āĻāĻāύā§āϰ āĻ āϧā§āϝāĻžāĻĒāĻ -- āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻā§āϰāύā§āĻĨ Political Emotions (2013)-āϤ⧠āϝā§āĻā§āϤāĻŋ āĻĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύ āύā§āϝāĻžāϝāĻŧāĻĒāϰāĻžāϝāĻŧāĻŖ āϏāĻŽāĻžāĻ āĻāĻ āύā§āϰ āĻāύā§āϝ āĻ āĻĒāϰāĻŋāĻšāĻžāϰā§āϝāĨ¤ Nussbaum āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith-āĻāϰ sympathy āĻāĻŦāĻ impartial spectator āϧāĻžāϰāĻŖāĻž āĻāϧā§āύāĻŋāĻ āĻāĻŖāϤāύā§āϤā§āϰ⧠āύāĻžāĻāϰāĻŋāĻ āϏāĻāϏā§āĻā§āϤāĻŋ āĻāĻ āύ⧠āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ āĻā§āĻŽāĻŋāĻāĻž āϰāĻžāĻāϤ⧠āĻĒāĻžāϰā§āĨ¤
āĻāĻāĻžāĻĄā§āĻŽāĻŋāĻ āĻāĻāϤā§āϰ āĻŦāĻžāĻāϰā§āĻ āĻĒāϰāĻŋāĻŦāϰā§āϤāύ āĻĻā§āĻāĻž āϝāĻžāĻā§āĻā§āĨ¤ ESG (Environmental, Social, Governance) āĻŦāĻŋāύāĻŋāϝāĻŧā§āĻ ā§¨ā§Ļ⧍ā§Ģ āϏāĻžāϞ⧠$40 trillion āĻāĻžāĻĄāĻŧāĻŋāϝāĻŧā§ āĻā§āĻā§ (Bloomberg Intelligence published data)āĨ¤ B-Corps -- āϝ⧠āĻā§āĻŽā§āĻĒāĻžāύāĻŋāĻā§āϞ⧠āϏāĻžāĻŽāĻžāĻāĻŋāĻ āĻ āĻĒāϰāĻŋāĻŦā§āĻļāĻāϤ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦāĻā§ āĻŽā§āύāĻžāĻĢāĻžāϰ āϏāĻŽāĻžāύ āĻā§āϰā§āϤā§āĻŦ āĻĻā§āϝāĻŧ -- āϤāĻžāĻĻā§āϰ āϏāĻāĻā§āϝāĻž āĻā§āϰāĻŽāĻžāĻāϤ āĻŦāĻžāĻĄāĻŧāĻā§āĨ¤ Stakeholder capitalism -- āϝā§āĻāĻžāύ⧠āĻā§āĻŽā§āĻĒāĻžāύāĻŋ āĻļā§āϧ⧠āĻļā§āϝāĻŧāĻžāϰāĻšā§āϞā§āĻĄāĻžāϰāĻĻā§āϰ āύāϝāĻŧ, āϏāĻāϞ stakeholder-āĻĻā§āϰ (āĻļā§āϰāĻŽāĻŋāĻ, āϏāĻŽāĻžāĻ, āĻĒāϰāĻŋāĻŦā§āĻļ) āϏā§āĻŦāĻž āĻāϰ⧠-- āĻāĻ āϧāĻžāϰāĻŖāĻž āĻā§āϰāĻĻāĻžāϰ āĻšāĻā§āĻā§āĨ¤
World Economic Forum āϤāĻžāĻĻā§āϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āϰāĻŋāĻĒā§āϰā§āĻā§ stakeholder capitalism-āĻā§ āϏāĻŽāϰā§āĻĨāύ āĻāϰā§āĻā§āĨ¤ āϤāĻžāĻĻā§āϰ āĻŦāĻā§āϤāĻŦā§āϝ: āĻā§āĻŽā§āĻĒāĻžāύāĻŋ āĻļā§āϧ⧠āĻļā§āϝāĻŧāĻžāϰāĻšā§āϞā§āĻĄāĻžāϰāĻĻā§āϰ āĻāύā§āϝ āύāϝāĻŧ, āϏāĻŽāĻžāĻā§āϰ āϏāĻāϞ āĻ āĻāĻļā§āĻĻāĻžāϰāĻĻā§āϰ āĻāύā§āϝ āĻāĻžāĻ āĻāϰāĻŦā§āĨ¤ āĻāĻāĻŋ āĻāĻŋ Smith-āĻāϰ Impartial Spectator-āĻāϰ āĻāϧā§āύāĻŋāĻ āϰā§āĻĒ āύāϝāĻŧ? āĻāĻāĻāύ āύāĻŋāϰāĻĒā§āĻā§āώ āĻĒāϰā§āϝāĻŦā§āĻā§āώāĻ āĻāĻŋ āĻāĻžāĻāϤā§āύ āϝ⧠āĻāĻāĻāĻŋ āĻā§āĻŽā§āĻĒāĻžāύāĻŋ āĻļā§āϧ⧠⧧% āĻļā§āϝāĻŧāĻžāϰāĻšā§āϞā§āĻĄāĻžāϰā§āϰ āĻŽā§āύāĻžāĻĢāĻž āĻŦāĻžāĻĄāĻŧāĻžāϤ⧠āĻāĻŋāϝāĻŧā§ āĻšāĻžāĻāĻžāϰ āĻšāĻžāĻāĻžāϰ āĻļā§āϰāĻŽāĻŋāĻāĻā§ āĻļā§āώāĻŖ āĻāϰā§āĻ?
Larry Fink -- BlackRock-āĻāϰ CEO, āĻŦāĻŋāĻļā§āĻŦā§āϰ āϏāĻŦāĻā§āϝāĻŧā§ āĻŦāĻĄāĻŧ āĻŦāĻŋāύāĻŋāϝāĻŧā§āĻ āĻŦā§āϝāĻŦāϏā§āĻĨāĻžāĻĒāύāĻž āĻā§āĻŽā§āĻĒāĻžāύāĻŋ (āĻĒā§āϰāĻžāϝāĻŧ $10 trillion āϏāĻŽā§āĻĒāĻĻ āĻĒāϰāĻŋāĻāĻžāϞāύāĻž āĻāϰā§) -- āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻŦāĻžāϰā§āώāĻŋāĻ āĻāĻŋāĻ āĻŋāϤ⧠āϞāĻŋāĻā§āĻā§āύ: 'Purpose is not the sole pursuit of profits but the animating force for achieving them.' āĻāĻĻā§āĻĻā§āĻļā§āϝ āĻļā§āϧ⧠āĻŽā§āύāĻžāĻĢāĻžāϰ āĻ āύā§āϏāύā§āϧāĻžāύ āύāϝāĻŧ, āĻŦāϰāĻ āĻŽā§āύāĻžāĻĢāĻž āĻ āϰā§āĻāύā§āϰ āĻāĻžāϞāĻŋāĻāĻž āĻļāĻā§āϤāĻŋāĨ¤ āĻāĻāĻŋ Wall Street-āĻāϰ āϏāĻŦāĻā§āϝāĻŧā§ āĻĒā§āϰāĻāĻžāĻŦāĻļāĻžāϞ⧠āĻŦā§āϝāĻā§āϤāĻŋāϰ āĻāĻĨāĻž -- āĻāĻŦāĻ āĻāĻāĻŋ Smith-āĻāϰ Impartial Spectator-āĻāϰ āϏāĻžāĻĨā§ āĻāĻļā§āĻāϰā§āϝāĻāύāĻāĻāĻžāĻŦā§ āϏāĻžāĻŽāĻā§āĻāϏā§āϝāĻĒā§āϰā§āĻŖāĨ¤
Joseph Stiglitz -- āύā§āĻŦā§āϞ āĻŦāĻŋāĻāϝāĻŧā§ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻŦāĻŋāĻĻ āĻāĻŦāĻ Columbia āĻŦāĻŋāĻļā§āĻŦāĻŦāĻŋāĻĻā§āϝāĻžāϞāϝāĻŧā§āϰ āĻ āϧā§āϝāĻžāĻĒāĻ -- āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻā§āϰāύā§āĻĨ The Price of Inequality (2012)-āϤ⧠āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠unregulated market-āĻāϰ āĻĢāϞ⧠āĻŦā§āώāĻŽā§āϝ āĻŦāĻžāĻĄāĻŧā§ āĻāĻŦāĻ āĻāĻŖāϤāύā§āϤā§āϰ āĻĻā§āϰā§āĻŦāϞ āĻšāϝāĻŧāĨ¤ Stiglitz-āĻāϰ āĻŦāĻā§āϤāĻŦā§āϝ āĻšāϞ⧠market economy āĻāĻžāĻ āĻāϰā§, āĻāĻŋāύā§āϤ⧠āĻļā§āϧ⧠āϤāĻāύāĻ āϝāĻāύ āϏāĻ āĻŋāĻ regulation āĻ āύā§āϤāĻŋāĻ āĻāĻžāĻ āĻžāĻŽā§ āĻĨāĻžāĻā§ -- āĻāĻāĻŋ Smith-āĻāϰ Impartial Spectator-āĻāϰ āĻāϧā§āύāĻŋāĻ āĻĒā§āϰāϤāĻŋāϧā§āĻŦāύāĻŋāĨ¤
āϤāĻŦā§ āϏāϤāϰā§āĻ āĻĨāĻžāĻāϤ⧠āĻšāĻŦā§āĨ¤ ESG āĻāĻŦāĻ stakeholder capitalism āύāĻŋāϝāĻŧā§ greenwashing-āĻāϰ āĻ āĻāĻŋāϝā§āĻāĻ āĻāĻā§āĨ¤ āĻ āύā§āĻ āĻā§āĻŽā§āĻĒāĻžāύāĻŋ PR-āĻāϰ āĻāύā§āϝ ESG-āĻāϰ āĻāĻĨāĻž āĻŦāϞ⧠āĻāĻŋāύā§āϤ⧠āĻāϏāϞ⧠āĻāĻŋāĻā§ āĻĒāϰāĻŋāĻŦāϰā§āϤāύ āĻāϰ⧠āύāĻžāĨ¤ āĻāϏāϞ āĻĒāϰāĻŋāĻŦāϰā§āϤāύ āĻāϏāĻŦā§ āϤāĻāύāĻ āϝāĻāύ āύā§āϤāĻŋāĻ āĻŦāĻŋāĻāĻžāϰāĻŦā§āϧ business model-āĻāϰ āĻ āĻāĻļ āĻšāĻŦā§, āĻļā§āϧ⧠marketing campaign-āĻāϰ āύāϝāĻŧāĨ¤
āĻĒā§āύāϰā§āĻŽā§āϞā§āϝāĻžāϝāĻŧāύ āĻļā§āϰ⧠āĻšāϝāĻŧā§āĻā§, āĻāĻŋāύā§āϤ⧠āĻĒāĻĨ āĻāĻāύ⧠āĻĻā§āϰā§āĻāĨ¤ āĻāĻāύ āĻāϞā§āύ āĻĄā§āĻāĻž āĻĻāĻŋāϝāĻŧā§ āĻĻā§āĻāĻŋ āĻĻāϰā§āĻļāύā§āϰ āĻĒā§āϰāĻāĻžāĻŦ āϤā§āϞāύāĻž āĻāϰāĻŋāĨ¤
āĻĄā§āĻāĻžāϝāĻŧ āĻĻā§āĻāĻž -- āĻĻā§āĻ āĻĻāϰā§āĻļāύā§āϰ āϤā§āϞāύāĻž
Invisible Hand-only āĻ āϰā§āĻĨāύā§āϤāĻŋ āĻāĻŦāĻ Impartial Spectator-āϏāĻš āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ āĻŽāϧā§āϝ⧠āĻĒāĻžāϰā§āĻĨāĻā§āϝ āĻā§ āĻšāϤā§? āĻāĻāĻŋ āϏāĻŽā§āĻĒā§āϰā§āĻŖ hypothetical āύāϝāĻŧ -- āĻāĻŋāĻā§ āĻĻā§āĻļ āĻ āĻĒā§āϰāϤāĻŋāώā§āĻ āĻžāύ āĻāϤāĻŋāĻŽāϧā§āϝ⧠stakeholder-focused āύā§āϤāĻŋ āĻ āύā§āϏāϰāĻŖ āĻāϰāĻā§, āĻāĻŦāĻ āϤāĻžāĻĻā§āϰ āĻĢāϞāĻžāĻĢāϞ āϤā§āϞāύāĻž āĻāϰāĻž āϝāĻžāϝāĻŧāĨ¤ Nordic āĻĻā§āĻļāĻā§āϞ⧠(Sweden, Denmark, Norway, Finland) āĻāĻĻāĻžāĻšāϰāĻŖ āĻšāĻŋāϏā§āĻŦā§ āĻĻā§āĻāĻž āϝā§āϤ⧠āĻĒāĻžāϰ⧠-- āϤāĻžāϰāĻž āĻŦāĻžāĻāĻžāϰ āĻ āϰā§āĻĨāύā§āϤāĻŋ āĻŦā§āϝāĻŦāĻšāĻžāϰ āĻāϰ⧠āĻāĻŋāύā§āϤ⧠āĻļāĻā§āϤāĻŋāĻļāĻžāϞ⧠āϏāĻžāĻŽāĻžāĻāĻŋāĻ āύāĻŋāϰāĻžāĻĒāϤā§āϤāĻž āĻāĻžāϞ, āĻļā§āϰāĻŽāĻŋāĻ āĻ āϧāĻŋāĻāĻžāϰ āĻāĻŦāĻ āĻĒāϰāĻŋāĻŦā§āĻļ āϏā§āϰāĻā§āώāĻž āϏāĻšāĨ¤
āĻĒā§āϰāĻļā§āύ āĻšāϞā§: pure Invisible Hand-based āĻ āϰā§āĻĨāύā§āϤāĻŋ āĻāĻŋ āĻāĻžāϞ⧠āĻĢāϞāĻžāĻĢāϞ āĻĻāĻŋāϝāĻŧā§āĻā§, āύāĻžāĻāĻŋ Impartial Spectator-āĻāϰ āύā§āϤāĻŋāĻ āĻāĻžāĻ āĻžāĻŽā§ āĻ āύā§āϤāϰā§āĻā§āĻā§āϤ āĻāϰāϞ⧠āĻĢāϞāĻžāĻĢāϞ āĻāĻžāϞ⧠āĻšāϤā§? āĻāĻāĻžāϧāĻŋāĻ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āϤāĻĨā§āϝāϏā§āϤā§āϰ āĻĨā§āĻā§ āĻāĻāĻāĻŋ āϤā§āϞāύāĻžāĻŽā§āϞāĻ āĻāĻŋāϤā§āϰ āϤā§āϰāĻŋ āĻāϰāĻž āϏāĻŽā§āĻāĻŦāĨ¤
| āĻŽāĻžāύāĻĻāĻŖā§āĻĄ | Pure Invisible Hand āĻĢāϞāĻžāĻĢāϞ | Impartial Spectator āĻ āύā§āϤāϰā§āĻā§āĻā§āϤ āĻšāϞ⧠| āϤāĻĨā§āϝāϏā§āϤā§āϰ |
| āĻŦā§āĻļā§āĻŦāĻŋāĻ āĻŦā§āώāĻŽā§āϝ (Gini) | āĻā§āϰāĻŽāĻŦāϰā§āϧāĻŽāĻžāύ -- āĻŦāĻŋāĻļā§āĻŦ Gini ~0.70 | Nordic āĻĻā§āĻļ Gini ~0.25-0.28 | World Bank published data |
| Corporate scandals | Enron, Wirecard, FTX -- āĻā§āϰāĻŽāĻŦāϰā§āϧāĻŽāĻžāύ | āύā§āϤāĻŋāĻ governance-āϏāĻš āĻā§āĻŽā§āĻĒāĻžāύāĻŋāϤ⧠āĻāĻŽ | SEC enforcement data |
| āĻĒāϰāĻŋāĻŦā§āĻļ āĻā§āώāϤāĻŋ | ā§§.ā§Ģ āĻĄāĻŋāĻā§āϰāĻŋ āϏā§āĻŽāĻž āĻ āϤāĻŋāĻā§āϰāĻŽā§āϰ āĻĒāĻĨā§ | Carbon-neutral āϞāĻā§āώā§āϝ⧠Nordic āĻĻā§āĻļāĻā§āϞ⧠āĻāĻāĻŋāϝāĻŧā§ | IPCC 2023 |
| āĻļā§āϰāĻŽāĻŋāĻ āĻ āĻŦāϏā§āĻĨāĻž | ā§¨ā§Ž āĻŽāĻŋāϞāĻŋāϝāĻŧāύ forced labor | āĻļā§āϰāĻŽāĻŋāĻ āĻ āϧāĻŋāĻāĻžāϰ āĻāĻāύ āϏāĻš āĻĻā§āĻļā§ āĻāĻžāϞ⧠| ILO 2025 |
| āĻāϰā§āĻĨāĻŋāĻ āϏāĻāĻāĻā§āϰ āĻšāĻžāϰ | āĻĒā§āϰāϤāĻŋ ā§Ž-ā§§ā§Ļ āĻŦāĻāϰ⧠āĻŦāĻĄāĻŧ āϏāĻāĻāĻ | āύāĻŋāϝāĻŧāύā§āϤā§āϰāĻŋāϤ āĻŦāĻžāĻāĻžāϰ⧠āĻāĻŽ āĻāύ āĻāύ | IMF published historical data |
| āĻĒā§āϰāϤāĻŋāώā§āĻ āĻžāύ⧠āĻāϏā§āĻĨāĻž | āĻā§āϰāĻŽāĻšā§āϰāĻžāϏāĻŽāĻžāύ -- ā§Ŧā§Ē% āĻ āĻŦāĻŋāĻļā§āĻŦāĻžāϏ⧠| Nordic āĻĻā§āĻļā§ ā§ā§Ļ%+ āĻāϏā§āĻĨāĻž | Edelman Trust Barometer 2025 |
| āĻŽāĻžāύāϏāĻŋāĻ āϏā§āĻŦāĻžāϏā§āĻĨā§āϝ | āĻŦā§āĻļā§āĻŦāĻŋāĻ āϏāĻāĻāĻ -- depression ā§Šā§Ļā§Ļ āĻŽāĻŋāϞāĻŋāϝāĻŧāύ+ | āϏāĻžāĻŽāĻžāĻāĻŋāĻ āύāĻŋāϰāĻžāĻĒāϤā§āϤāĻž āϏāĻš āĻĻā§āĻļā§ āĻāĻžāϞ⧠| WHO 2025 published data |
Note: āĻāĻ āϤā§āϞāύāĻž āϏāϰāĻžāϏāϰāĻŋ causation āĻĒā§āϰāĻŽāĻžāĻŖ āĻāϰ⧠āύāĻž, āϤāĻŦā§ correlation āϏā§āĻĒāώā§āĻāĨ¤ āϤāĻĨā§āϝāϏā§āϤā§āϰ: World Bank, IPCC, ILO, IMF, Edelman, WHO-āĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āϤāĻĨā§āϝāĨ¤
āĻāĻ āϤāĻĨā§āϝāĻā§āϞ⧠āĻĻā§āĻāϞ⧠āĻāĻāĻāĻŋ pattern āϏā§āĻĒāώā§āĻ āĻšāϝāĻŧāĨ¤ āϝā§āĻāĻžāύ⧠āĻļā§āϧ⧠Invisible Hand -- āĻ āϰā§āĻĨāĻžā§ unregulated self-interest -- āĻāĻžāϞāĻŋāĻāĻž āĻļāĻā§āϤāĻŋ, āϏā§āĻāĻžāύ⧠āĻŦā§āώāĻŽā§āϝ āĻŦāĻžāĻĄāĻŧā§, āĻĒāϰāĻŋāĻŦā§āĻļ āϧā§āĻŦāĻāϏ āĻšāϝāĻŧ, āĻāϏā§āĻĨāĻž āĻāĻŽā§āĨ¤ āĻāϰ āϝā§āĻāĻžāύ⧠āύā§āϤāĻŋāĻ āĻāĻžāĻ āĻžāĻŽā§, āϏāĻžāĻŽāĻžāĻāĻŋāĻ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦ āĻāĻŦāĻ stakeholder-āĻĻā§āϰ āϏā§āĻŦāĻžāϰā§āĻĨ āĻŦāĻŋāĻŦā§āĻāύāĻž āĻāϰāĻž āĻšāϝāĻŧ -- āĻ āϰā§āĻĨāĻžā§ Impartial Spectator-āĻāϰ āύā§āϤāĻŋ āĻāĻžāĻ āĻāϰ⧠-- āϏā§āĻāĻžāύ⧠āĻĢāϞāĻžāĻĢāϞ āϏāĻžāϰā§āĻŦāĻŋāĻāĻāĻžāĻŦā§ āĻāĻžāϞā§āĨ¤
āĻŦāĻžāĻāϞāĻžāĻĻā§āĻļā§āϰ āĻĒā§āϰā§āĻā§āώāĻžāĻĒāĻā§āĻ āĻāĻ āϤā§āϞāύāĻž āĻĒā§āϰāĻžāϏāĻā§āĻāĻŋāĻāĨ¤ āĻāĻžāϰā§āĻŽā§āύā§āĻāϏ āĻļāĻŋāϞā§āĻĒā§ āĻŦāĻžāĻāϞāĻžāĻĻā§āĻļ āĻŦāĻŋāĻļā§āĻŦā§āϰ āĻĻā§āĻŦāĻŋāϤā§āϝāĻŧ āĻŦā§āĻšāϤā§āϤāĻŽ āϰāĻĒā§āϤāĻžāύāĻŋāĻāĻžāϰāĻ -- āĻāĻŋāύā§āϤ⧠Rana Plaza āϧā§āĻŦāĻāϏ (2013, ā§§,ā§§ā§Šā§Ē āĻāύ āύāĻŋāĻšāϤ) āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§ āϝ⧠āĻļā§āϧ⧠market-driven growth āύā§āϤāĻŋāĻ āĻāĻžāĻ āĻžāĻŽā§ āĻāĻžāĻĄāĻŧāĻž āĻŽāĻžāύāĻŦāĻŋāĻ āĻŦāĻŋāĻĒāϰā§āϝāϝāĻŧ āĻāĻāĻžāϤ⧠āĻĒāĻžāϰā§āĨ¤ Smith-āĻāϰ Impartial Spectator āϝāĻĻāĻŋ āϏā§āĻ supply chain-āĻ āϏāĻā§āϰāĻŋāϝāĻŧ āĻĨāĻžāĻāϤā§, āϤāĻžāĻšāϞ⧠āĻāĻŋ āĻāĻāĻāύ āύāĻŋāϰāĻĒā§āĻā§āώ āĻĒāϰā§āϝāĻŦā§āĻā§āώāĻ āĻŽā§āύ⧠āύāĻŋāϤā§āύ āϝ⧠āϏāϏā§āϤāĻž āĻĒā§āĻļāĻžāĻā§āϰ āĻāύā§āϝ āĻļā§āϰāĻŽāĻŋāĻāĻĻā§āϰ āĻā§āĻŦāύ āĻā§āĻāĻāĻŋāϤ⧠āĻĢā§āϞāĻž āĻšā§āĻ?
āĻāϰ āĻŽāĻžāύ⧠āĻāĻ āύāϝāĻŧ āϝ⧠Invisible Hand āĻ āĻā§āĻā§āĨ¤ āĻŦāĻžāĻāĻžāϰ āĻŦā§āϝāĻŦāϏā§āĻĨāĻž āϏāĻŽā§āĻĒāĻĻ āϏā§āώā§āĻāĻŋ āĻ āĻŦāĻŖā§āĻāύ⧠āĻ āϤā§āϝāύā§āϤ āĻāĻžāϰā§āϝāĻāϰ -- āĻāĻāĻŋ āĻĒā§āϰāĻŽāĻžāĻŖāĻŋāϤāĨ¤ āĻāĻŋāύā§āϤ⧠Smith āύāĻŋāĻā§āĻ āĻŦāϞā§āĻāĻŋāϞā§āύ, āĻŦāĻžāĻāĻžāϰāĻā§ āύā§āϤāĻŋāĻ āĻāĻžāĻ āĻžāĻŽā§āϰ āĻŽāϧā§āϝ⧠āĻāĻžāĻ āĻāϰāϤ⧠āĻšāĻŦā§āĨ¤ Invisible Hand āĻāĻžāĻ āĻāϰ⧠-- āĻāĻŋāύā§āϤ⧠Impartial Spectator-āĻāϰ āϤāϤā§āϤā§āĻŦāĻžāĻŦāϧāĻžāύā§āĨ¤ āĻāĻāĻāĻŋ āĻāĻžāĻĄāĻŧāĻž āĻ āύā§āϝāĻāĻŋ āĻ āϏāĻŽā§āĻĒā§āϰā§āĻŖāĨ¤
āĻĄā§āĻāĻž āĻĒāϰāĻŋāώā§āĻāĻžāϰ -- āĻļā§āϧ⧠Invisible Hand āϝāĻĨā§āώā§āĻ āύāϝāĻŧāĨ¤ āϤāĻžāĻšāϞ⧠āĻāĻŽāĻžāĻĻā§āϰ āĻāϰāĻŖā§āϝāĻŧ āĻā§? āĻāϞā§āύ āĻŦā§āϝāĻŦāĻšāĻžāϰāĻŋāĻ āĻĒāĻĻāĻā§āώā§āĻĒ āĻĻā§āĻāĻŋāĨ¤
āĻāϰāĻŖā§āϝāĻŧ āĻ āĻŦāϰā§āĻāύā§āϝāĻŧ
āϤāϤā§āϤā§āĻŦ āĻ āϤāĻĨā§āϝ āĻĻā§āĻāĻž āĻšāϞā§āĨ¤ āĻāĻāύ āĻĒā§āϰāĻļā§āύ -- āĻŦā§āϝāĻā§āϤāĻŋ, āĻŦā§āϝāĻŦāϏāĻžāϝāĻŧā§ āĻāĻŦāĻ āύā§āϤāĻŋāύāĻŋāϰā§āϧāĻžāϰāĻ āĻšāĻŋāϏā§āĻŦā§ āĻāĻŽāϰāĻž āĻā§ āĻāϰāϤ⧠āĻĒāĻžāϰāĻŋ? āĻā§āĻāĻžāĻŦā§ Adam Smith-āĻāϰ āĻĒā§āϰā§āĻŖ āĻĻāϰā§āĻļāύāĻā§ -- Invisible Hand āĻāĻŦāĻ Impartial Spectator āĻĻā§āĻā§āĻā§āĻ -- āĻāĻŽāĻžāĻĻā§āϰ āĻāĻŋāύā§āϤāĻž āĻ āĻāĻžāĻā§ āĻ āύā§āϤāϰā§āĻā§āĻā§āϤ āĻāϰāϤ⧠āĻĒāĻžāϰāĻŋ? āĻāĻāĻžāύ⧠āĻāĻŋāĻā§ āύāĻŋāϰā§āĻĻāĻŋāώā§āĻ āĻĒāĻĻāĻā§āώā§āĻĒ āĻĒā§āϰāϏā§āϤāĻžāĻŦ āĻāϰāĻž āĻšāϞā§āĨ¤
āĻāϰāĻŖā§āϝāĻŧ
āĻĒā§āϰāĻĨāĻŽ āĻāĻŦāĻ āϏāĻŦāĻā§āϝāĻŧā§ āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ āĻāĻžāĻ āĻšāϞ⧠Adam Smith-āĻāϰ āĻĻā§āĻāĻŋ āĻŦāĻāĻ āĻĒāĻĄāĻŧā§āύāĨ¤ The Wealth of Nations āĻĒāĻĄāĻŧāϞ⧠The Theory of Moral Sentiments-āĻ āĻĒāĻĄāĻŧā§āύāĨ¤ TMS āĻāĻžāĻĄāĻŧāĻž WN āĻ āϏāĻŽā§āĻĒā§āϰā§āĻŖ -- āĻ āĻŋāĻ āϝā§āĻŽāύ Smith āύāĻŋāĻā§ āĻā§āϝāĻŧā§āĻāĻŋāϞā§āύ āĻĻā§āĻāĻŋ āĻŦāĻ āĻāĻāϏāĻžāĻĨā§ āĻĒāĻĄāĻŧāĻž āĻšā§āĻāĨ¤ āĻāϧā§āύāĻŋāĻ āĻ āύā§āĻ āϏāĻāĻā§āώāĻŋāĻĒā§āϤ āϏāĻāϏā§āĻāϰāĻŖ āĻ āĻāĻžāώā§āϝ āĻĒāĻžāĻāϝāĻŧāĻž āϝāĻžāϝāĻŧ āϝāĻž āĻŽā§āϞ āĻā§āĻā§āϏāĻāĻā§ āϏāĻšāĻāĻŦā§āϧā§āϝ āĻāϰ⧠āϤā§āϞā§āĨ¤
āĻĻā§āĻŦāĻŋāϤā§āϝāĻŧāϤ, āĻŦā§āϝāĻŦāϏāĻžāϝāĻŧāĻŋāĻ āϏāĻŋāĻĻā§āϧāĻžāύā§āϤ⧠āύā§āϤāĻŋāĻāϤāĻžāĻā§ āĻ āύā§āϤāϰā§āĻā§āĻā§āϤ āĻāϰā§āύāĨ¤ āĻĒā§āϰāϤāĻŋāĻāĻŋ āĻŦāĻĄāĻŧ āϏāĻŋāĻĻā§āϧāĻžāύā§āϤā§āϰ āĻāĻā§ āύāĻŋāĻā§āĻā§ āĻāĻŋāĻā§āĻā§āϏ āĻāϰā§āύ -- āĻāĻāĻāύ āύāĻŋāϰāĻĒā§āĻā§āώ, āύā§āϝāĻžāϝāĻŧāĻĒāϰāĻžāϝāĻŧāĻŖ āĻĒāϰā§āϝāĻŦā§āĻā§āώāĻ āĻāĻŋ āĻāĻ āϏāĻŋāĻĻā§āϧāĻžāύā§āϤ⧠āϏāĻŽā§āĻŽāϤāĻŋ āĻĻā§āĻŦā§āύ? āĻāĻāĻŋāĻ Smith-āĻāϰ Impartial Spectator testāĨ¤ āϝāĻĻāĻŋ āĻāϤā§āϤāϰ āύāĻž āĻšāϝāĻŧ, āϏāĻŋāĻĻā§āϧāĻžāύā§āϤāĻāĻŋ āĻĒā§āύāϰā§āĻŦāĻŋāĻŦā§āĻāύāĻž āĻāϰā§āύāĨ¤
āϤā§āϤā§āϝāĻŧāϤ, corporate accountability āĻĻāĻžāĻŦāĻŋ āĻāϰā§āύāĨ¤ āĻā§āĻā§āϤāĻž āĻšāĻŋāϏā§āĻŦā§, āĻŦāĻŋāύāĻŋāϝāĻŧā§āĻāĻāĻžāϰ⧠āĻšāĻŋāϏā§āĻŦā§, āύāĻžāĻāϰāĻŋāĻ āĻšāĻŋāϏā§āĻŦā§ -- āĻāĻŋāĻā§āĻā§āϏ āĻāϰā§āύ āĻā§āĻŽā§āĻĒāĻžāύāĻŋāĻā§āϞ⧠āĻļā§āϧ⧠āĻŽā§āύāĻžāĻĢāĻž āĻāϰāĻā§ āύāĻžāĻāĻŋ āϏāĻŽāĻžāĻā§ āĻāϤāĻŋāĻŦāĻžāĻāĻ āĻ āĻŦāĻĻāĻžāύāĻ āϰāĻžāĻāĻā§āĨ¤ ESG disclosure āĻĻāĻžāĻŦāĻŋ āĻāϰā§āύ, transparency āĻĻāĻžāĻŦāĻŋ āĻāϰā§āύ, accountability āĻĻāĻžāĻŦāĻŋ āĻāϰā§āύāĨ¤
āĻāϤā§āϰā§āĻĨāϤ, stakeholder capitalism-āĻā§ āϏāĻŽāϰā§āĻĨāύ āĻāϰā§āύāĨ¤ Shareholder primacy -- āϝā§āĻāĻžāύ⧠āĻļā§āϧ⧠āĻļā§āϝāĻŧāĻžāϰāĻšā§āϞā§āĻĄāĻžāϰāĻĻā§āϰ āϏā§āĻŦāĻžāϰā§āĻĨ āĻĻā§āĻāĻž āĻšāϝāĻŧ -- āĻāĻ āϧāĻžāϰāĻŖāĻž āĻĨā§āĻā§ āĻŦā§āϰāĻŋāϝāĻŧā§ āĻāϏā§āύāĨ¤ āĻļā§āϰāĻŽāĻŋāĻ, āϏāĻŽāĻžāĻ, āĻĒāϰāĻŋāĻŦā§āĻļ, āĻāĻŦāĻŋāώā§āϝ⧠āĻĒā§āϰāĻāύā§āĻŽ -- āϏāĻāϞā§āϰ āϏā§āĻŦāĻžāϰā§āĻĨ āĻŦāĻŋāĻŦā§āĻāύāĻž āĻāϰā§āύāĨ¤
āĻĒāĻā§āĻāĻŽāϤ, Business school-āĻ āύā§āϤāĻŋāĻ āĻļāĻŋāĻā§āώāĻž āĻ āύā§āϤāϰā§āĻā§āĻā§āϤ āĻāϰā§āύāĨ¤ MBA curriculum-āĻ āĻļā§āϧ⧠financial modeling āύāϝāĻŧ, moral philosophy-āĻ āĻĨāĻžāĻāĻž āĻāĻāĻŋāϤāĨ¤ Harvard Business School āĻāϤāĻŋāĻŽāϧā§āϝ⧠ethics course āĻŦāĻžāϧā§āϝāϤāĻžāĻŽā§āϞāĻ āĻāϰā§āĻā§ -- āĻ āύā§āϝāĻžāύā§āϝ āĻĒā§āϰāϤāĻŋāώā§āĻ āĻžāύā§āϰāĻ āĻāĻāĻŋ āĻ āύā§āϏāϰāĻŖ āĻāϰāĻž āĻāĻāĻŋāϤāĨ¤
āώāώā§āĻ āϤ, āĻļā§āϧ⧠GDP āύāϝāĻŧ, wellbeing āĻĒāϰāĻŋāĻŽāĻžāĻĒ āĻāϰā§āύāĨ¤ Bhutan-āĻāϰ Gross National Happiness, New Zealand-āĻāϰ Wellbeing Budget -- āĻāĻā§āϞ⧠āĻĻā§āĻāĻžāϝāĻŧ āϝ⧠GDP-āϰ āĻŦāĻžāĻāϰā§āĻ āϏāĻŽā§āĻĻā§āϧāĻŋ āĻĒāϰāĻŋāĻŽāĻžāĻĒā§āϰ āĻāĻĒāĻžāϝāĻŧ āĻāĻā§āĨ¤ Smith-āĻāϰ Impartial Spectator āĻāĻāĻāĻŋ āϏāĻŽāĻžāĻ āĻŦāĻŋāĻāĻžāϰ āĻāϰāĻŦā§ āĻļā§āϧ⧠āĻāϰ GDP āĻĻāĻŋāϝāĻŧā§ āύāϝāĻŧ, āĻāϰ āύāĻžāĻāϰāĻŋāĻāĻĻā§āϰ āϏāĻžāϰā§āĻŦāĻŋāĻ āĻāϞā§āϝāĻžāĻŖ āĻĻāĻŋāϝāĻŧā§āĨ¤
āϏāĻĒā§āϤāĻŽāϤ, āĻāĻŽāύ āĻĒā§āϰāϤāĻŋāώā§āĻ āĻžāύ āϤā§āϰāĻŋ āĻāϰā§āύ āϝāĻž Impartial Spectator-āĻāϰ āĻŽā§āϰā§āϤ āϰā§āĻĒāĨ¤ āϏā§āĻŦāĻžāϧā§āύ āύāĻŋāϝāĻŧāύā§āϤā§āϰāĻ āϏāĻāϏā§āĻĨāĻž, āύā§āϝāĻžāϝā§āϝ āĻāĻĻāĻžāϞāϤ āĻŦā§āϝāĻŦāϏā§āĻĨāĻž, āϏā§āĻŦāĻā§āĻ āĻāĻŖāĻŽāĻžāϧā§āϝāĻŽ -- āĻāĻā§āϞ⧠āϏāĻŽāĻžāĻā§āϰ Impartial Spectator āĻšāĻŋāϏā§āĻŦā§ āĻāĻžāĻ āĻāϰā§āĨ¤ āĻāĻĻā§āϰ āĻļāĻā§āϤāĻŋāĻļāĻžāϞ⧠āĻāϰāĻž āĻŽāĻžāύ⧠Smith-āĻāϰ āĻĻāϰā§āĻļāύāĻā§ āĻĒā§āϰāĻžāϤāĻŋāώā§āĻ āĻžāύāĻŋāĻ āϰā§āĻĒ āĻĻā§āĻāϝāĻŧāĻžāĨ¤
āĻŦāϰā§āĻāύā§āϝāĻŧ
āĻĒā§āϰāĻĨāĻŽāϤ, Adam Smith-āĻā§ āĻāĻāĻāĻŋ āĻŦāĻžāĻā§āϝ⧠āϏā§āĻŽāĻžāĻŦāĻĻā§āϧ āĻāϰāĻŦā§āύ āύāĻžāĨ¤ Invisible Hand āĻāĻāĻāĻŋ āĻā§āώā§āĻĻā§āϰ āϰā§āĻĒāĻ -- Smith-āĻāϰ āϏāĻŽāĻā§āϰ āĻĻāϰā§āĻļāύāĻā§ āĻāĻ āĻāĻāĻāĻŋ āϧāĻžāϰāĻŖāĻžāϝāĻŧ āϏāĻāĻā§āĻāĻŋāϤ āĻāϰāĻž āϤāĻžāĻāϰ āĻāĻŋāύā§āϤāĻžāϰ āĻĒā§āϰāϤāĻŋ āĻ āĻŦāĻŋāĻāĻžāϰāĨ¤ Smith āĻāĻāĻāύ moral philosopher āĻāĻŋāϞā§āύ āϝāĻŋāύāĻŋ āĻ āϰā§āĻĨāύā§āϤāĻŋ āύāĻŋāϝāĻŧā§āĻ āϞāĻŋāĻā§āĻā§āύ -- āϤāĻŋāύāĻŋ āĻļā§āϧ⧠āĻāĻāĻāύ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻŦāĻŋāĻĻ āĻāĻŋāϞā§āύ āύāĻžāĨ¤
āĻĻā§āĻŦāĻŋāϤā§āϝāĻŧāϤ, āϧāϰ⧠āύā§āĻŦā§āύ āύāĻž āϝ⧠āĻļā§āϧ⧠self-interest-āĻ āĻāĻžāϞ⧠āĻĢāϞāĻžāĻĢāϞ āĻĻā§āϝāĻŧāĨ¤ āĻāĻāĻŋ āĻāĻāĻāĻŋ oversimplificationāĨ¤ Self-interest āĻāĻāĻāĻŋ āĻļāĻā§āϤāĻŋāĻļāĻžāϞ⧠āĻĒā§āϰā§āϰāĻŖāĻž, āĻāĻŋāύā§āϤ⧠āύā§āϤāĻŋāĻ āϏā§āĻŽāĻž āĻāĻžāĻĄāĻŧāĻž āĻāĻāĻŋ āϧā§āĻŦāĻāϏāĻžāϤā§āĻŽāĻ āĻšāϤ⧠āĻĒāĻžāϰ⧠-- ⧍ā§Ļā§Ļā§Ž-āĻāϰ āĻāϰā§āĻĨāĻŋāĻ āϏāĻāĻāĻ āĻāϰ āĻĒā§āϰāĻŽāĻžāĻŖāĨ¤
āϤā§āϤā§āϝāĻŧāϤ, āĻ āϰā§āĻĨāύā§āϤāĻŋāĻā§ āύā§āϤāĻŋāĻāϤāĻž āĻĨā§āĻā§ āĻāϞāĻžāĻĻāĻž āĻāϰāĻŦā§āύ āύāĻžāĨ¤ Das Adam Smith Problem āĻāĻāĻāĻŋ āĻŽāĻŋāĻĨ -- Smith āĻāĻāύ⧠āĻĻā§āĻāĻŋ āĻāϞāĻžāĻĻāĻž āĻāϰā§āύāύāĻŋāĨ¤ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻ āĻāĻžāϰā§āϝāĻāϞāĻžāĻĒ āύā§āϤāĻŋāĻ āĻāĻžāĻ āĻžāĻŽā§āϰ āĻŽāϧā§āϝā§āĻ āĻšāĻāϝāĻŧāĻž āĻāĻāĻŋāϤāĨ¤
āĻāϤā§āϰā§āĻĨāϤ, 'There Is No Alternative' (TINA) āĻŽāĻžāύāϏāĻŋāĻāϤāĻž āĻĒāϰāĻŋāĻšāĻžāϰ āĻāϰā§āύāĨ¤ āĻŦāĻŋāĻāϞā§āĻĒ āϏāĻŦāϏāĻŽāϝāĻŧ āĻāĻā§āĨ¤ Nordic model, stakeholder capitalism, social enterprise -- āĻ āύā§āĻ āĻŦāĻŋāĻāϞā§āĻĒ āĻāĻžāĻ āĻžāĻŽā§ āĻāĻžāĻ āĻāϰāĻā§āĨ¤ āĻļā§āϧ⧠unregulated free market-āĻ āĻāĻāĻŽāĻžāϤā§āϰ āĻĒāĻĨ āύāϝāĻŧāĨ¤
āĻĒāĻā§āĻāĻŽāϤ, āĻļā§āϧ⧠āĻŽā§āύāĻžāĻĢāĻžāĻā§ āϏāĻžāĻĢāϞā§āϝā§āϰ āĻŽāĻžāĻĒāĻāĻžāĻ āĻŋ āĻŦāĻžāύāĻžāĻŦā§āύ āύāĻžāĨ¤ āĻāĻāĻāĻŋ āĻā§āĻŽā§āĻĒāĻžāύāĻŋāϰ āϏāĻžāĻĢāϞā§āϝ āĻļā§āϧ⧠āϤāĻžāϰ profit margin āĻĻāĻŋāϝāĻŧā§ āĻŽāĻžāĻĒāĻž āĻāĻāĻŋāϤ āύāϝāĻŧ -- āϤāĻžāϰ āĻāϰā§āĻŽā§āĻĻā§āϰ āϏāύā§āϤā§āώā§āĻāĻŋ, āϏāĻŽāĻžāĻā§ āĻ āĻŦāĻĻāĻžāύ, āĻĒāϰāĻŋāĻŦā§āĻļāĻāϤ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦ -- āϏāĻŦāĻāĻŋāĻā§ āĻŽāĻŋāϞā§āĻ āϏāĻžāĻĢāϞā§āϝāĨ¤
āώāώā§āĻ āϤ, āĻŦāĻžāĻāĻžāϰāĻā§ āϏāĻŽāϏā§āϤ āϏāĻŽāϏā§āϝāĻžāϰ āϏāĻŽāĻžāϧāĻžāύ āĻŽāύ⧠āĻāϰāĻŦā§āύ āύāĻžāĨ¤ āĻŦāĻžāĻāĻžāϰ āĻ āύā§āĻ āĻāĻŋāĻā§āϤ⧠āĻĻāĻā§āώ, āĻāĻŋāύā§āϤ⧠āϏāĻŦāĻāĻŋāĻā§āϤ⧠āύāϝāĻŧāĨ¤ āϏā§āĻŦāĻžāϏā§āĻĨā§āϝāϏā§āĻŦāĻž, āĻļāĻŋāĻā§āώāĻž, āĻĒāϰāĻŋāĻŦā§āĻļ āϏā§āϰāĻā§āώāĻž -- āĻāĻ āĻā§āώā§āϤā§āϰāĻā§āϞā§āϤ⧠pure market solution āĻāĻžāĻ āĻāϰ⧠āύāĻžāĨ¤
āϏāĻĒā§āϤāĻŽāϤ, āĻāϤāĻŋāĻšāĻžāϏāĻā§ āĻāĻāĻĒā§āĻļā§āĻāĻžāĻŦā§ āĻĒāĻĄāĻŧāĻŦā§āύ āύāĻžāĨ¤ Adam Smith-āĻāϰ āĻā§āώā§āϤā§āϰ⧠āϝāĻž āĻāϰāĻž āĻšāϝāĻŧā§āĻā§ -- selective reading, cherry-picking, context āĻĨā§āĻā§ āĻŦāĻŋāĻā§āĻāĻŋāύā§āύ āĻāϰ⧠āĻāĻĻā§āϧā§āϤāĻŋ āĻŦā§āϝāĻŦāĻšāĻžāϰ -- āĻāĻāĻŋ āϝā§āĻā§āύ⧠āĻāĻŋāύā§āϤāĻžāĻŦāĻŋāĻĻā§āϰ āĻā§āώā§āϤā§āϰā§āĻ āĻā§āώāϤāĻŋāĻāϰāĨ¤ āϏāĻŦāϏāĻŽāϝāĻŧ āĻĒā§āϰā§āĻŖ āĻĒā§āϰāϏāĻā§āĻā§ āĻĒāĻĄāĻŧā§āύāĨ¤
āĻāϰāĻŖā§āϝāĻŧ āĻ āĻŦāϰā§āĻāύā§āϝāĻŧ āĻāĻžāύāĻž āĻšāϞā§āĨ¤ āĻāĻŋāύā§āϤ⧠Invisible Hand āĻāĻŦāĻ Impartial Spectator -- āĻĻā§āĻāĻŋ āĻĻāϰā§āĻļāύā§āϰāĻ āϏā§āĻŦāĻŋāϧāĻž āĻ āϏā§āĻŽāĻžāĻŦāĻĻā§āϧāϤāĻž āĻāĻā§āĨ¤ āĻāϞā§āύ āϏā§āĻāĻŋ āĻĻā§āĻāĻŋāĨ¤
āϏā§āĻŦāĻŋāϧāĻž āĻ āĻ āϏā§āĻŦāĻŋāϧāĻž -- āĻāĻāϝāĻŧ āĻĻāϰā§āĻļāύā§āϰ
āĻāĻāĻāĻŋ āĻāĻžāϰāϏāĻžāĻŽā§āϝāĻĒā§āϰā§āĻŖ āĻŦāĻŋāĻļā§āϞā§āώāĻŖ āĻāϰāϤ⧠āĻšāϞ⧠āĻāĻāϝāĻŧ āĻĻāϰā§āĻļāύā§āϰ āϏā§āĻŦāĻŋāϧāĻž āĻ āϏā§āĻŽāĻžāĻŦāĻĻā§āϧāϤāĻž āϏā§āĻŦā§āĻāĻžāϰ āĻāϰāϤ⧠āĻšāĻŦā§āĨ¤ āĻā§āύ⧠āĻĻāϰā§āĻļāύāĻ āϏāĻŽā§āĻĒā§āϰā§āĻŖ āϤā§āϰā§āĻāĻŋāĻšā§āύ āύāϝāĻŧāĨ¤ Invisible Hand-āĻāϰ āύāĻŋāĻāϏā§āĻŦ āĻļāĻā§āϤāĻŋ āĻāĻā§, āĻ āĻŋāĻ āϝā§āĻŽāύ Impartial Spectator-āĻāϰāĻ āύāĻŋāĻāϏā§āĻŦ āĻā§āϝāĻžāϞā§āĻā§āĻ āĻāĻā§āĨ¤ Smith āϏāĻŽā§āĻāĻŦāϤ āĻā§āϝāĻŧā§āĻāĻŋāϞā§āύ āĻĻā§āĻāĻŋāϰ āϏāĻŽāύā§āĻŦāϝāĻŧ -- āĻāĻŦāĻ āϏā§āĻāĻŋāĻ āϏāĻŦāĻā§āϝāĻŧā§ āϝā§āĻā§āϤāĻŋāϏāĻāĻāϤ āĻĒāĻĨāĨ¤
Invisible Hand-āĻāϰ āϏā§āĻŦāĻŋāϧāĻž āĻ āϏā§āĻŽāĻžāĻŦāĻĻā§āϧāϤāĻž
Invisible Hand-āĻāϰ āϏāĻŦāĻā§āϝāĻŧā§ āĻŦāĻĄāĻŧ āϏā§āĻŦāĻŋāϧāĻž āĻšāϞ⧠efficiencyāĨ¤ āĻŦāĻžāĻāĻžāϰ āĻŦā§āϝāĻŦāϏā§āĻĨāĻž āϏāĻŽā§āĻĒāĻĻ āĻŦāĻŖā§āĻāύ⧠āĻ āĻŦāĻŋāĻļā§āĻŦāĻžāϏā§āϝ āϰāĻāĻŽ āĻĻāĻā§āώ -- āĻā§āύ⧠āĻā§āύā§āĻĻā§āϰā§āϝāĻŧ āĻĒāϰāĻŋāĻāϞā§āĻĒāύāĻžāĻāĻžāϰā§āϰ āĻĒāĻā§āώ⧠āĻāϤ āϤāĻĨā§āϝ āĻĒā§āϰāĻā§āϰāĻŋāϝāĻŧāĻž āĻāϰāĻž āϏāĻŽā§āĻāĻŦ āύāϝāĻŧ āϝāĻž āĻŦāĻžāĻāĻžāϰ āϏā§āĻŦāϝāĻŧāĻāĻā§āϰāĻŋāϝāĻŧāĻāĻžāĻŦā§ āĻāϰā§āĨ¤ F.A. Hayek āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻžāϝāĻŧ āĻāĻāĻŋ knowledge problem āĻšāĻŋāϏā§āĻŦā§ āĻŦāϰā§āĻŖāύāĻž āĻāϰā§āĻā§āύāĨ¤ Innovation, entrepreneurship, economic growth -- āĻāĻā§āϞ⧠self-interest driven market-āĻāϰ āĻ āĻŦāĻĻāĻžāύāĨ¤
āĻāĻŋāύā§āϤ⧠āϏā§āĻŽāĻžāĻŦāĻĻā§āϧāϤāĻžāĻ āĻā§āϰā§āϤāϰāĨ¤ Market failure (externalities, monopoly, public goods), income inequality, boom-bust cycles, environmental destruction -- āĻāĻā§āϞ⧠pure Invisible Hand-āĻāϰ āĻĢāϞāĻžāĻĢāϞāĨ¤ Nobel laureate Joseph Stiglitz āϤāĻžāĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻžāϝāĻŧ āĻŦāĻžāϰāĻŦāĻžāϰ āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠unregulated markets systematically inefficient āĻšāϤ⧠āĻĒāĻžāϰ⧠information asymmetry-āϰ āĻāĻžāϰāĻŖā§āĨ¤
Impartial Spectator-āĻāϰ āϏā§āĻŦāĻŋāϧāĻž āĻ āϏā§āĻŽāĻžāĻŦāĻĻā§āϧāϤāĻž
Impartial Spectator-āĻāϰ āϏā§āĻŦāĻŋāϧāĻž āĻšāϞ⧠āĻāĻāĻŋ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻ āĻāĻžāϰā§āϝāĻāϞāĻžāĻĒā§ āĻāĻāĻāĻŋ āύā§āϤāĻŋāĻ āĻŽāĻžāϤā§āϰāĻž āϝā§āĻ āĻāϰā§āĨ¤ Trust, fairness, social cohesion -- āĻāĻā§āϞ⧠āĻļāĻā§āϤāĻŋāĻļāĻžāϞ⧠āĻ āϰā§āĻĨāύā§āϤāĻŋāϰ āĻāĻŋāϤā§āϤāĻŋ (per Francis Fukuyama, Trust: The Social Virtues and the Creation of Prosperity, 1995 published)āĨ¤ Nordic āĻĻā§āĻļāĻā§āϞ⧠āĻĒā§āϰāĻŽāĻžāĻŖ āĻāϰā§āĻā§ āϝ⧠āύā§āϤāĻŋāĻ āĻāĻžāĻ āĻžāĻŽā§ āϏāĻš āĻŦāĻžāĻāĻžāϰ āĻ āϰā§āĻĨāύā§āϤāĻŋ pure laissez-faire-āĻāϰ āĻā§āϝāĻŧā§ āĻāĻžāϞ⧠āĻĢāϞāĻžāĻĢāϞ āĻĻā§āϝāĻŧāĨ¤
Behavioral economics -- Daniel Kahneman (āύā§āĻŦā§āϞ āĻŦāĻŋāĻāϝāĻŧā§ 2002) āĻāĻŦāĻ Richard Thaler (āύā§āĻŦā§āϞ āĻŦāĻŋāĻāϝāĻŧā§ 2017)-āĻāϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻž -- āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§ āϝ⧠āĻŽāĻžāύā§āώ āϏāĻŦāϏāĻŽāϝāĻŧ rational self-interest āĻ āύā§āϝāĻžāϝāĻŧā§ āĻāĻžāĻ āĻāϰ⧠āύāĻžāĨ¤ Kahneman-āĻāϰ Thinking, Fast and Slow (2011)-āϤ⧠āĻĒā§āϰāĻŽāĻžāĻŖāĻŋāϤ: āĻŽāĻžāύā§āώ biased, emotional, āĻāĻŦāĻ social -- āĻ āĻŋāĻ āϝā§āĻŽāύāĻāĻŋ Smith TMS-āϤ⧠āĻŦāϞā§āĻāĻŋāϞā§āύāĨ¤ Modern behavioral economics āĻāϏāϞ⧠Smith-āĻāϰ moral psychology-āϰ āĻĒā§āύāϰāĻžāĻŦāĻŋāώā§āĻāĻžāϰāĨ¤
āϤāĻŦā§ Impartial Spectator-āĻāϰāĻ āϏā§āĻŽāĻžāĻŦāĻĻā§āϧāϤāĻž āĻāĻā§āĨ¤ āύā§āϤāĻŋāĻāϤāĻž āĻĒāϰāĻŋāĻŽāĻžāĻĒ āĻāϰāĻž āĻāĻ āĻŋāύ, subjective āĻšāϤ⧠āĻĒāĻžāϰā§, āĻāĻŦāĻ cultural differences-āĻāϰ āĻāĻžāϰāĻŖā§ universal standard āϤā§āϰāĻŋ āĻāϰāĻž āĻā§āϝāĻžāϞā§āĻā§āĻāĻŋāĻāĨ¤ āĻ āϤāĻŋāϰāĻŋāĻā§āϤ āύā§āϤāĻŋāĻ regulation innovation-āĻā§ āĻŦāĻžāϧāĻžāĻā§āϰāϏā§āϤ āĻāϰāϤ⧠āĻĒāĻžāϰ⧠āĻāĻŦāĻ bureaucracy āĻŦāĻžāĻĄāĻŧāĻžāϤ⧠āĻĒāĻžāϰā§āĨ¤ āĻāϏāϞ āĻā§āϝāĻžāϞā§āĻā§āĻ āĻšāϞ⧠āĻāĻžāϰāϏāĻžāĻŽā§āϝ āĻā§āĻāĻāĻž -- āĻā§āĻĨāĻžāϝāĻŧ āĻŦāĻžāĻāĻžāϰāĻā§ āϏā§āĻŦāĻžāϧā§āύāϤāĻž āĻĻāĻŋāϤ⧠āĻšāĻŦā§ āĻāĻŦāĻ āĻā§āĻĨāĻžāϝāĻŧ āύā§āϤāĻŋāĻ āϏā§āĻŽāĻž āĻāϰā§āĻĒ āĻāϰāϤ⧠āĻšāĻŦā§āĨ¤
| āĻĻāĻŋāĻ | Invisible Hand-āĻāϰ āϏā§āĻŦāĻŋāϧāĻž | Invisible Hand-āĻāϰ āϏā§āĻŽāĻžāĻŦāĻĻā§āϧāϤāĻž | Impartial Spectator-āĻāϰ āϏā§āĻŦāĻŋāϧāĻž | Impartial Spectator-āĻāϰ āϏā§āĻŽāĻžāĻŦāĻĻā§āϧāϤāĻž |
| āĻĻāĻā§āώāϤāĻž | āĻ āϤā§āϝāύā§āϤ āĻāĻā§āĻ -- āϏāĻŽā§āĻĒāĻĻ āĻŦāĻŖā§āĻāύ⧠āĻĻāĻā§āώ | Market failure-āĻ āĻŦā§āϝāϰā§āĻĨ | āĻĻā§āϰā§āĻāĻŽā§āϝāĻŧāĻžāĻĻā§ āĻĻāĻā§āώāϤāĻž āĻŦāĻžāĻĄāĻŧāĻžāϝāĻŧ | āϏā§āĻŦāϞā§āĻĒāĻŽā§āϝāĻŧāĻžāĻĻā§ āϧā§āϰ āĻšāϤ⧠āĻĒāĻžāϰ⧠|
| āĻŦā§āώāĻŽā§āϝ | āϏāĻŽā§āĻĒāĻĻ āϏā§āώā§āĻāĻŋ āĻāϰ⧠| āϏāĻŽā§āĻĒāĻĻ āĻā§āύā§āĻĻā§āϰā§āĻā§āϤ āĻāϰ⧠| āĻŦāĻŖā§āĻāύā§āϰ āύā§āϝāĻžāϝā§āϝāϤāĻž āύāĻŋāĻļā§āĻāĻŋāϤ āĻāϰ⧠| āĻĒā§āύāϰā§āĻŦāĻŖā§āĻāύ āϰāĻžāĻāύā§āϤāĻŋāĻāĻāĻžāĻŦā§ āĻāĻ āĻŋāύ |
| Innovation | āĻļāĻā§āϤāĻŋāĻļāĻžāϞ⧠āĻĒā§āϰā§āϰāĻŖāĻž āĻĻā§āϝāĻŧ | āĻļā§āϧ⧠āϞāĻžāĻāĻāύāĻ innovation-āĻ focus | āϏāĻžāĻŽāĻžāĻāĻŋāĻ innovation-āĻā§āĻ āĻā§āϏāĻžāĻšāĻŋāϤ āĻāϰ⧠| āĻ āϤāĻŋāϰāĻŋāĻā§āϤ regulation innovation āĻāĻŽāĻžāϤ⧠āĻĒāĻžāϰ⧠|
| āĻĒāϰāĻŋāĻŦā§āĻļ | āĻĻāĻā§āώ resource use | Externality āĻāĻĒā§āĻā§āώāĻž āĻāϰ⧠| āĻĒāϰāĻŋāĻŦā§āĻļāĻāϤ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦ āύāĻŋāĻļā§āĻāĻŋāϤ āĻāϰ⧠| āĻĒāϰāĻŋāĻŽāĻžāĻĒ āĻ enforcement āĻāĻ āĻŋāύ |
| āĻāϏā§āĻĨāĻž | āĻĒā§āϰāϤāĻŋāϝā§āĻāĻŋāϤāĻž āĻŽāĻžāύ āĻŦāĻžāĻĄāĻŧāĻžāϝāĻŧ | Scandals āĻāϏā§āĻĨāĻž āĻāĻžāĻā§ | āύā§āϤāĻŋāĻ āĻāĻŋāϤā§āϤāĻŋ āĻāϏā§āĻĨāĻž āϤā§āϰāĻŋ āĻāϰ⧠| Cultural differences āĻā§āϝāĻžāϞā§āĻā§āĻāĻŋāĻ |
Note: āĻāĻ āϤā§āϞāύāĻž āĻĻā§āĻāĻžāϝāĻŧ āϝ⧠āĻā§āύ⧠āĻāĻāĻāĻŋ āĻĻāϰā§āĻļāύ āĻāĻāĻž āϝāĻĨā§āώā§āĻ āύāϝāĻŧ -- āĻĻā§āĻāĻŋāϰ āϏāĻŽāύā§āĻŦāϝāĻŧāĻ āϏāĻŦāĻā§āϝāĻŧā§ āĻāĻžāϰā§āϝāĻāϰāĨ¤
āĻĻā§āĻāĻŋ āĻĻāϰā§āĻļāύā§āϰāĻ āϏā§āĻŦāĻŋāϧāĻž āĻ āϏā§āĻŽāĻžāĻŦāĻĻā§āϧāϤāĻž āĻāĻā§āĨ¤ Smith āϏāĻŽā§āĻāĻŦāϤ āĻĻā§āĻāĻŋāϰ āϏāĻŽāύā§āĻŦāϝāĻŧ āĻā§āϝāĻŧā§āĻāĻŋāϞā§āύāĨ¤ āĻāĻ āĻŦāĻŋāώāϝāĻŧā§ āĻŦāĻŋāĻļā§āώāĻā§āĻāϰāĻž āĻā§ āĻŦāϞā§āύ? āĻāϞā§āύ āĻĻā§āĻāĻŋāĨ¤
āĻŦāĻŋāĻļā§āώāĻā§āĻāĻĻā§āϰ āĻŽāϤāĻžāĻŽāϤ
Adam Smith-āĻāϰ āĻĒā§āϰā§āĻŖ āĻĻāϰā§āĻļāύ āĻĒā§āύāϰā§āĻĻā§āϧāĻžāϰā§āϰ āĻĒāĻā§āώ⧠āĻŦāĻŋāĻļā§āĻŦā§āϰ āĻ āύā§āĻ āĻĒā§āϰāĻāĻžāĻŦāĻļāĻžāϞ⧠āĻāĻŋāύā§āϤāĻžāĻŦāĻŋāĻĻ āĻāĻĨāĻž āĻŦāϞā§āĻā§āύāĨ¤ āϤāĻžāĻāĻĻā§āϰ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻž āĻ āĻŦāĻā§āϤāĻŦā§āϝ āĻĨā§āĻā§ āĻāĻŋāĻā§ āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ āĻāĻĻā§āϧā§āϤāĻŋ āĻāĻāĻžāύ⧠āĻāĻĒāϏā§āĻĨāĻžāĻĒāύ āĻāϰāĻž āĻšāϞā§āĨ¤ āĻāĻ āĻĒā§āϰāϤāĻŋāĻāĻŋ āĻāĻĻā§āϧā§āϤāĻŋ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻāĻžāĻĄā§āĻŽāĻŋāĻ āĻāĻžāĻ āĻĨā§āĻā§ āύā§āĻāϝāĻŧāĻžāĨ¤
"The reading of Smith that sees him purely as an advocate of selfishness is a deep distortion. His Theory of Moral Sentiments makes it abundantly clear that he saw a much richer picture of human motivation." -- Amartya Sen, The Idea of Justice (2009)
Amartya Sen-āĻāϰ āĻāĻ āĻŦāĻā§āϤāĻŦā§āϝ āĻŦāĻŋāĻļā§āώāĻāĻžāĻŦā§ āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ āĻāĻžāϰāĻŖ āϤāĻŋāύāĻŋ āύāĻŋāĻā§ āĻāĻāĻāύ āύā§āĻŦā§āϞ āĻŦāĻŋāĻāϝāĻŧā§ āĻ āϰā§āĻĨāύā§āϤāĻŋāĻŦāĻŋāĻĻāĨ¤ āϤāĻŋāύāĻŋ mainstream economics-āĻāϰ āĻā§āϤāϰ āĻĨā§āĻā§āĻ Smith-āĻāϰ āĻāĻāĻĒā§āĻļā§ āĻĒāĻžāĻ āĻā§ āĻā§āϝāĻžāϞā§āĻā§āĻ āĻāϰā§āĻā§āύāĨ¤ Sen āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith-āĻāϰ āĻĻāϰā§āĻļāύ⧠self-interest āĻāĻŦāĻ moral sentiments āĻĒāϰāϏā§āĻĒāϰāĻŦāĻŋāϰā§āϧ⧠āύāϝāĻŧ -- āĻŦāϰāĻ āĻĒāϰāĻŋāĻĒā§āϰāĻāĨ¤
"Adam Smith was not the cold-hearted apostle of self-interest that he is often made out to be. He was a warm, complex thinker who cared deeply about justice and human flourishing." -- Jesse Norman, Adam Smith: What He Thought and Why It Matters (2018)
Jesse Norman-āĻāϰ āĻāĻ āĻŽā§āϞā§āϝāĻžāϝāĻŧāύ āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ āĻāĻžāϰāĻŖ āϤāĻŋāύāĻŋ āĻāĻāĻāύ āĻŦā§āϰāĻŋāĻāĻŋāĻļ āϰāĻžāĻāύā§āϤāĻŋāĻŦāĻŋāĻĻ āϝāĻŋāύāĻŋ āĻāĻāĻ āϏāĻžāĻĨā§ āĻāĻāĻāύ āĻĻāϰā§āĻļāύā§āϰ āĻāĻŦā§āώāĻāĨ¤ āϤāĻŋāύāĻŋ āĻĻā§āĻāĻŋāϝāĻŧā§āĻā§āύ āϝ⧠Smith-āĻāϰ āĻā§āϞ āĻĒāĻžāĻ āĻļā§āϧ⧠āĻāĻāĻžāĻĄā§āĻŽāĻŋāĻ āϏāĻŽāϏā§āϝāĻž āύāϝāĻŧ -- āĻāĻāĻŋ āύā§āϤāĻŋāύāĻŋāϰā§āϧāĻžāϰāĻŖāĻā§ āϏāϰāĻžāϏāϰāĻŋ āĻĒā§āϰāĻāĻžāĻŦāĻŋāϤ āĻāϰā§āĻā§āĨ¤
"The invisible hand is surely the most famous metaphor in economics, but it is a singularly unhelpful one. It obscures rather than illuminates." -- Emma Rothschild, Economic Sentiments (2001, Harvard University Press)
Emma Rothschild -- āĻšāĻžāϰā§āĻāĻžāϰā§āĻĄā§āϰ āĻāϤāĻŋāĻšāĻžāϏā§āϰ āĻ āϧā§āϝāĻžāĻĒāĻ -- āϏāĻŦāĻā§āϝāĻŧā§ āĻŦāĻŋāϏā§āϤāĻžāϰāĻŋāϤāĻāĻžāĻŦā§ invisible hand-āĻāϰ āĻāϤāĻŋāĻšāĻžāϏ āĻāĻŦā§āώāĻŖāĻž āĻāϰā§āĻā§āύāĨ¤ āϤāĻžāĻāϰ āĻāĻŦā§āώāĻŖāĻž āĻĻā§āĻāĻžāϝāĻŧ āϝ⧠Smith-āĻāϰ āϏāĻŽāϝāĻŧā§ invisible hand āĻā§āύ⧠āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ āϧāĻžāϰāĻŖāĻž āĻšāĻŋāϏā§āĻŦā§ āĻŦāĻŋāĻŦā§āĻāĻŋāϤ āĻšāϤ⧠āύāĻž -- āĻāĻāĻŋ ⧍ā§Ļ āĻļāϤāĻā§āϰ āĻāĻāĻāĻŋ āĻāĻŦāĻŋāώā§āĻāĻžāϰāĨ¤
"Smith's first and arguably most important philosophical contribution was his account of the impartial spectator, not the invisible hand." -- D.D. Raphael, The Impartial Spectator (2007, Oxford University Press)
D.D. Raphael-āĻāϰ Oxford University Press āĻĨā§āĻā§ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻ āĻāĻŦā§āώāĻŖāĻž Smith-āĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύā§āϰ āϏāĻŦāĻā§āϝāĻŧā§ āĻŦāĻŋāĻļāĻĻ āĻŦāĻŋāĻļā§āϞā§āώāĻŖāĻā§āϞā§āϰ āĻāĻāĻāĻŋāĨ¤ Raphael āĻĒā§āϰāĻŽāĻžāĻŖ āĻāϰā§āĻā§āύ āϝ⧠Smith-āĻāϰ āĻĻāĻžāϰā§āĻļāύāĻŋāĻ legacy-āϤ⧠Impartial Spectator-āĻ āϏāĻŦāĻā§āϝāĻŧā§ āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ āĻ āĻŦāĻĻāĻžāύāĨ¤
"Smith's entire philosophical project is built on the foundation of moral sympathy. To read him only through the lens of self-interest is to miss the forest for the trees." -- Ryan Patrick Hanley, Adam Smith and the Character of Virtue (2009, Cambridge University Press)
Gavin Kennedy -- Heriot-Watt āĻŦāĻŋāĻļā§āĻŦāĻŦāĻŋāĻĻā§āϝāĻžāϞāϝāĻŧā§āϰ āĻ āϧā§āϝāĻžāĻĒāĻ āϝāĻŋāύāĻŋ āϤāĻžāĻāϰ āĻā§āĻŦāύā§āϰ āĻŦāĻĄāĻŧ āĻ āĻāĻļ Adam Smith āĻāĻŦā§āώāĻŖāĻžāϝāĻŧ āĻŦā§āϝāϝāĻŧ āĻāϰā§āĻā§āύ -- āϤāĻžāĻāϰ āĻŦā§āϞāĻ Adam Smith's Lost Legacy āĻāĻŦāĻ āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻāĻŦā§āώāĻŖāĻžāϝāĻŧ āϧāĻžāϰāĻžāĻŦāĻžāĻšāĻŋāĻāĻāĻžāĻŦā§ āĻĻā§āĻāĻŋāϝāĻŧā§ āϝāĻžāĻā§āĻā§āύ āĻā§āĻāĻžāĻŦā§ Smith-āĻā§ āĻā§āϞāĻāĻžāĻŦā§ āĻāĻĒāϏā§āĻĨāĻžāĻĒāύ āĻāϰāĻž āĻšāĻā§āĻā§āĨ¤ Kennedy-āϰ āĻāĻŦā§āώāĻŖāĻž per published accounts āϏā§āĻĒāώā§āĻ: invisible hand āĻāĻāĻāĻŋ metaphor, āĻā§āύ⧠theory āύāϝāĻŧāĨ¤
āĻŦāĻŋāĻļā§āĻŦā§āϰ āĻļā§āϰā§āώāϏā§āĻĨāĻžāύā§āϝāĻŧ āĻĒāĻŖā§āĻĄāĻŋāϤāϰāĻž āĻāĻāĻŽāϤ -- Smith-āĻāϰ āĻāĻāĻĒā§āĻļā§ āĻĒāĻžāĻ āĻāĻāĻāĻŋ āĻā§āϰā§āϤāϰ āĻā§āϞāĨ¤ āĻāĻŋāύā§āϤ⧠Smith āύāĻŋāĻā§ āĻāĻ āĻŦā§āĻāĻā§ āĻĨāĻžāĻāϞ⧠āĻā§ āĻŦāϞāϤā§āύ? āĻāϞā§āύ āĻļā§āώ āĻāϰāĻŋ āϏā§āĻ āĻĒā§āϰāĻļā§āύ āĻĻāĻŋāϝāĻŧā§āĨ¤
āĻāĻĒāϏāĻāĻšāĻžāϰ -- Adam Smith āĻāĻ āĻŦā§āĻāĻā§ āĻĨāĻžāĻāϞ⧠āĻā§ āĻŦāϞāϤā§āύ?
Adam Smith The Theory of Moral Sentiments āĻāϝāĻŧāĻŦāĻžāϰ āϏāĻāĻļā§āϧāύ āĻāϰā§āĻāĻŋāϞā§āύ āϤāĻžāĻāϰ āĻā§āĻŦāĻĻā§āĻĻāĻļāĻžāϝāĻŧāĨ¤ āĻļā§āώ āϏāĻāĻļā§āϧāύāĻāĻŋ -- āώāώā§āĻ āϏāĻāϏā§āĻāϰāĻŖ -- āĻĒā§āϰāĻāĻžāĻļāĻŋāϤ āĻšāϝāĻŧā§āĻāĻŋāϞ ā§§ā§ā§¯ā§Ļ āϏāĻžāϞā§, āϤāĻžāĻāϰ āĻŽā§āϤā§āϝā§āϰ āĻ āĻŋāĻ āĻāĻā§āĨ¤ āĻāϰ āĻŽāĻžāύ⧠āĻšāϞ⧠Smith āĻā§āĻŦāύā§āϰ āĻļā§āώ āĻĻāĻŋāύ āĻĒāϰā§āϝāύā§āϤ āϤāĻžāĻāϰ āύā§āϤāĻŋāĻ āĻĻāϰā§āĻļāύ āύāĻŋāϝāĻŧā§ āĻāĻžāĻ āĻāϰ⧠āĻā§āĻā§āύāĨ¤ The Wealth of Nations-āĻāϰ āϏāĻāĻļā§āϧāύ⧠āϤāĻŋāύāĻŋ āĻ āύā§āĻ āĻāĻā§āĻ āĻāĻā§āϰāĻš āĻšāĻžāϰāĻŋāϝāĻŧā§āĻāĻŋāϞā§āύāĨ¤ āĻāĻ āϤāĻĨā§āϝāĻāĻŋ āĻāĻāĻžāĻ āĻŦāϞ⧠āĻĻā§āϝāĻŧ āĻā§āύ āĻŦāĻāĻāĻŋ Smith-āĻāϰ āĻāĻžāĻā§ āĻŦā§āĻļāĻŋ āĻā§āϰā§āϤā§āĻŦāĻĒā§āϰā§āĻŖ āĻāĻŋāϞāĨ¤
āĻāϏāϞ Adam Smith āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻā§āϰ āϞā§āĻā§āϰ āύāĻŦā§ āĻāĻŋāϞā§āύ āύāĻž -- āϤāĻŋāύāĻŋ āĻāĻŋāϞā§āύ āĻāĻāĻāύ āύā§āϤāĻŋāĻ āĻĻāĻžāϰā§āĻļāύāĻŋāĻ āϝāĻŋāύāĻŋ āĻŦāĻŋāĻļā§āĻŦāĻžāϏ āĻāϰāϤā§āύ āĻŦāĻžāĻāĻžāϰ āĻŦā§āϝāĻŦāϏā§āĻĨāĻž āϤāĻāύāĻ āĻāĻžāĻ āĻāϰ⧠āϝāĻāύ āϏā§āĻāĻŋ āϏāĻšāĻžāύā§āĻā§āϤāĻŋ, āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰ āĻāĻŦāĻ āύā§āϤāĻŋāĻ āĻĻāĻžāϝāĻŧāĻŋāϤā§āĻŦā§āϰ āĻāĻŋāϤā§āϤāĻŋāϰ āĻāĻĒāϰ āĻĻāĻžāĻāĻĄāĻŧāĻžāϝāĻŧāĨ¤ āϤāĻŋāύāĻŋ āĻā§āϝāĻŧā§āĻāĻŋāϞā§āύ Invisible Hand āĻāĻŦāĻ Impartial Spectator āĻāĻāϏāĻžāĻĨā§ āĻāĻžāĻ āĻāϰā§āĻ -- āĻāĻāĻāĻŋ āĻāĻžāĻĄāĻŧāĻž āĻ āύā§āϝāĻāĻŋ āĻŦāĻŋāĻĒāĻā§āĻāύāĻāĨ¤
āĻāĻŽāϰāĻž āĻļā§āϧ⧠āĻ āϰā§āϧā§āĻ Smith āĻĒāĻĄāĻŧā§āĻāĻŋ āĻāĻŦāĻ āĻ āϰā§āϧā§āĻ āĻŦāĻžāϰā§āϤāĻž āĻļā§āύā§āĻāĻŋāĨ¤ āĻāĻŽāϰāĻž āĻļā§āύā§āĻāĻŋ self-interest āϏāĻŽāĻžāĻā§āϰ āĻāϞā§āϝāĻžāĻŖ āĻāϰā§, āĻāĻŋāύā§āϤ⧠āĻļā§āύāĻŋāύāĻŋ āϝ⧠āϏā§āĻ self-interest-āĻā§ āύā§āϤāĻŋāĻ āϏā§āĻŽāĻžāϰ āĻŽāϧā§āϝ⧠āĻĨāĻžāĻāϤ⧠āĻšāĻŦā§āĨ¤ āĻāĻŽāϰāĻž āĻļā§āύā§āĻāĻŋ āĻŦāĻžāĻāĻžāϰ āĻĻāĻā§āώ, āĻāĻŋāύā§āϤ⧠āĻļā§āύāĻŋāύāĻŋ āϝ⧠āĻŦāĻžāĻāĻžāϰāĻā§ āύā§āϝāĻžāϝāĻŧāĻŦāĻŋāĻāĻžāϰā§āϰ āĻāĻŋāϤā§āϤāĻŋāϰ āĻāĻĒāϰ āĻĻāĻžāĻāĻĄāĻŧāĻžāϤ⧠āĻšāĻŦā§āĨ¤ āĻāĻŽāϰāĻž Smith-āĻāϰ economy āύāĻŋāϝāĻŧā§āĻāĻŋ, āĻāĻŋāύā§āϤ⧠āϤāĻžāĻāϰ morality āĻĢā§āϞ⧠āĻĻāĻŋāϝāĻŧā§āĻāĻŋāĨ¤
"How selfish soever man may be supposed, there are evidently some principles in his nature which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it." -- Adam Smith, The Theory of Moral Sentiments, opening line, 1759
āĻāĻāĻŋ Adam Smith-āĻāϰ āĻĒā§āϰāĻĨāĻŽ āĻŦāĻāϝāĻŧā§āϰ āĻĒā§āϰāĻĨāĻŽ āĻŦāĻžāĻā§āϝāĨ¤ āĻŽāĻžāύā§āώ āϝāϤāĻ āϏā§āĻŦāĻžāϰā§āĻĨāĻĒāϰ āĻšā§āĻ, āϤāĻžāϰ āĻĒā§āϰāĻā§āϤāĻŋāϤ⧠āĻāĻŽāύ āĻāĻŋāĻā§ āĻāĻā§ āϝāĻž āϤāĻžāĻā§ āĻ āύā§āϝā§āϰ āϏā§āĻā§ āĻāύāύā§āĻĻāĻŋāϤ āĻāϰā§āĨ¤ āĻāĻ āĻŦāĻžāĻā§āϝāĻāĻŋ āĻĻāĻŋāϝāĻŧā§ Smith āϤāĻžāĻāϰ āĻĻāĻžāϰā§āĻļāύāĻŋāĻ āϝāĻžāϤā§āϰāĻž āĻļā§āϰ⧠āĻāϰā§āĻāĻŋāϞā§āύāĨ¤ āĻāĻŋāύā§āϤ⧠āĻāĻŽāϰāĻž āĻāĻ āĻŦāĻžāĻā§āϝāĻāĻŋ āĻā§āϞ⧠āĻāĻŋāϝāĻŧā§ āĻļā§āϧ⧠invisible hand āĻŽāύ⧠āϰā§āĻā§āĻāĻŋāĨ¤ āĻšāϝāĻŧāϤ⧠āĻāĻāύ āϏāĻŽāϝāĻŧ āĻāϏā§āĻā§ āĻāĻ āĻŦāĻžāĻā§āϝāĻāĻŋ āĻāĻŦāĻžāϰ āĻŽāύ⧠āĻāϰāĻžāϰāĨ¤
⧍ā§Ļ⧍ā§Ģ āϏāĻžāϞ⧠āĻŦāĻŋāĻļā§āĻŦ āĻāĻāĻāĻŋ crossroads-āĻ āĻĻāĻžāĻāĻĄāĻŧāĻŋāϝāĻŧā§āĨ¤ AI āĻŦāĻŋāĻĒā§āϞāĻŦ, āĻāϞāĻŦāĻžāϝāĻŧā§ āϏāĻāĻāĻ, āĻā§āϰāĻŽāĻŦāϰā§āϧāĻŽāĻžāύ āĻŦā§āώāĻŽā§āϝ -- āĻāĻ āĻā§āϝāĻžāϞā§āĻā§āĻāĻā§āϞ⧠āĻŽā§āĻāĻžāĻŦā§āϞāĻžāϝāĻŧ āĻļā§āϧ⧠āĻŦāĻžāĻāĻžāϰā§āϰ āĻ āĻĻā§āĻļā§āϝ āĻšāĻžāϤ āϝāĻĨā§āώā§āĻ āύāϝāĻŧāĨ¤ āĻāĻŽāĻžāĻĻā§āϰ āĻĒā§āϰāϝāĻŧā§āĻāύ āϏā§āĻ āύāĻŋāϰāĻĒā§āĻā§āώ āĻĻāϰā§āĻļāĻ -- āϝ⧠āĻŦāϞāĻŦā§ āĻā§āύāĻāĻŋ āύā§āϝāĻžāϝā§āϝ, āĻā§āύāĻāĻŋ āĻ āύā§āϝāĻžāϝā§āϝ, āĻā§āύāĻāĻŋ āĻŽāĻžāύāĻŦāĻŋāĻ, āĻā§āύāĻāĻŋ āĻ āĻŽāĻžāύāĻŦāĻŋāĻāĨ¤ Smith ⧍ā§Ģā§Ļ āĻŦāĻāϰ āĻāĻā§ āĻāĻ āĻāĻĨāĻž āĻŦāϞā§āĻāĻŋāϞā§āύāĨ¤ āĻāĻŽāϰāĻž āĻļā§āύāĻŋāύāĻŋāĨ¤ āĻšāϝāĻŧāϤ⧠āĻāĻāύ āĻļā§āύāĻžāϰ āϏāĻŽāϝāĻŧāĨ¤
āĻļā§āώ āĻāĻĨāĻž -- Adam Smith-āĻā§ āĻŽā§āĻā§āϤ āĻāϰā§āύāĨ¤ āϤāĻžāĻāĻā§ āĻļā§āϧ⧠invisible hand-āĻāϰ prophet āĻšāĻŋāϏā§āĻŦā§ āĻāĻāĻā§ āϰāĻžāĻāĻŦā§āύ āύāĻžāĨ¤ āϤāĻŋāύāĻŋ āĻāĻŋāϞā§āύ āĻāĻāĻāύ āĻāĻā§āϰ āĻŽāĻžāύāĻŦāϤāĻžāĻŦāĻžāĻĻā§ āĻĻāĻžāϰā§āĻļāύāĻŋāĻ āϝāĻŋāύāĻŋ āĻā§āϝāĻŧā§āĻāĻŋāϞā§āύ āĻāĻāĻāĻŋ āύā§āϝāĻžāϝā§āϝ, āϏāĻšāĻžāύā§āĻā§āϤāĻŋāĻļā§āϞ āĻāĻŦāĻ āύā§āϤāĻŋāĻ āϏāĻŽāĻžāĻ -- āϝā§āĻāĻžāύ⧠āĻŦāĻžāĻāĻžāϰ āĻāĻžāĻ āĻāϰ⧠āĻŽāĻžāύā§āώā§āϰ āĻāύā§āϝ, āĻŽāĻžāύā§āώ āύāϝāĻŧ āĻŦāĻžāĻāĻžāϰā§āϰ āĻāύā§āϝāĨ¤
āĻĒā§āĻāĻāĻŋāĻŦāĻžāĻĻ Adam Smith-āĻāϰ āĻ āϰā§āϧā§āĻ āĻāĻĨāĻž āĻļā§āύā§āĻā§āĨ¤ āĻšāϝāĻŧāϤ⧠āĻāĻāύ āϏāĻŽāϝāĻŧ āĻāϏā§āĻā§ āĻŦāĻžāĻāĻŋ āĻ āϰā§āϧā§āĻāĻāĻžāĻ āĻļā§āύāĻžāϰāĨ¤









