Adam Smith’s ‘natural price’ has long been interpreted as a ‘normal price’ or ‘centre of gravitation price’ based on the famous gravitation metaphor of the Wealth of Nations I.vii, natural in the sense that it is the price that would … More ›.

This book examines the use, principally in economics, of the concept of the invisible hand, centering on Adam Smith. It interprets the concept as ideology, knowledge, and a linguistic phenomenon. It shows how the principal Chicago School interpretation misperceives and distorts what Smith believed on the economic role of government. The essays further show how Smith was silent as to his intended meaning, using the term to set minds at rest; how the claim that the invisible hand is the foundational (...) concept of economics is repudiated by numerous leading economic theorists; that several dozen identities given the invisible hand renders the term ambiguous and inconclusive; that no such thing as an invisible hand exists; and that calling something an invisible hand adds nothing to knowledge. Finally, the essays show that the leading doctrines purporting to claim an invisible hand for the case for capitalism cannot invoke the term but that other nonnormative invisible hand processes are still useful tools. (shrink)

The second edition of Andrew Skinner's essays has been updated to take account of his latest thinking on Adam Smith's system of social and moral science and his experience of teaching Smith to a student audience. The material from the first edition has been extensively rewritten in the light of recent scholarship, and four new essays have been included. Each essay can be read as a self-contained unit, supported by a full bibliography and notes; the book as a whole expounds (...) a single coherent argument which demonstrates how Smith's works are inter-related. (shrink)

First published in 1992. Routledge is an imprint of Taylor & Francis, an informa company.

Adam Smith wrote two books, one about economics and the other about morality. How do these books go together? How do markets and morality mix? James Otteson provides a comprehensive examination and interpretation of Smith's moral theory and demonstrates how his conception of morality applies to his understanding of markets, language and other social institutions. Considering Smith's notions of natural sympathy, the impartial spectator, human nature and human conscience, the author addresses whether Smith thinks that moral judgments enjoy a transcendent (...) sanction. (shrink)

This new edition of The Life of Adam Smith remains the only book to give a full account of Smith's life whilst also placing his work into the context of his life and times.