Adam Smith Invisible Hand

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In the year of 1776, Adam Smith published a book under the title An Inquiry into the Nature and Causes of the Wealth of Nations. This is the book which had become the gospel of economic liberalism, and the textual symbol of British economic supremacy and United States economic reform in the 1980s. In fact, most of the crusading fervent shown by the ruling government of both nations during that times in economic and social policy was justified in the name of Adam Smith. In Britain, for example, the cult of entrepreneurship and rhetorical attacks on social welfare made by Margaret Thatcher had clearly shown that she took the Wealth of Nations as her inspiration. On a different plane, one could fairly expect that the articles written by the…show more content…
On a closer examination of the original excerpt of ‘the invisible hand of the market’ concept, which more commonly known as the ‘invisible hand, this concept should be read as the hand of nature, but not the market, which believes that, the individual pursuit of private self-interest will actually enhance instead of hurting the interest of the society as a whole. Again, the Smithian invisible hand does not seem to be applicable in an advanced technological economy, as the modern day’s employer will minimize employment instead of maximizing it in the operation of a particular business. There is no magic market, no Smithian…show more content…
Those natural inclinations that motivate human beings in their economic affairs as mentioned above are most likely being reduced to single quest for gain. In addition, the unemployed will vanish from sight under the new concept of the market, consisting only of those who actively involved in it. It is also worth to mention that the deliberate attempt made to portrait Adam Smith’s ideology in recent times lies well on the modern cultural tool that didn’t exist at all in Smith’s time, which is advertising. The image and status of Adam Smith and the Wealth of Nations have been made part and parcels of a sales pitch; let it from the perspective of economic, political and social
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