NationofChange
Adam Smithâs invisible hand is at our throats
Today our greed-based, war addicted, and growth-obsessed economic system poses even greater threats than it did during the early phases of the Industrial Revolution.
The invisible hand
As everyone knows, Adam Smith invented the theory that individual self-interest is, and ought to be, the main motivating force of human economic activity, and that this, in effect, serves the wider social interest. He put forward a detailed description of this concept in an immense book, âThe Wealth of Nationsâ (1776).Â
Adam Smith (1723-1790) had been Professor of Logic at the University of Glasgow, but in 1764 he withdrew from his position at the university to become the tutor of the young Duke of Buccleuch. In those days a Grand Tour of Europe was considered to be an important part of the education of a young nobleman, and Smith accompanied Buccleuch to the Continent. To while away the occasional dull in
John Scales Avery
As everyone knows, Adam Smith invented the theory that individual self-interest is, and ought to be, the main motivating force of human economic activity, and that this, in effect, serves the wider social interest. He put forward a detailed description of this concept in an immense book, “The Wealth of Nations” (1776).
Adam Smith (1723-1790) had been Professor of Logic at the University of Glasgow, but in 1764 he withdrew from his position at the university to become the tutor of the young Duke of Buccleuch.
In those days a Grand Tour of Europe was considered to be an important part of the education of a young nobleman, and Smith accompanied Buccleuch to the Continent. To while away the occasional dull intervals of the tour, Adam Smith began to write an enormous book on economics which he finally completed twelve years later.