Published online by Cambridge University Press: 27 September 2021
In the United States, perhaps more than elsewhere, people continue to reference Adam Smith and his invisible hand. They do this in books, newspaper articles, law review notes, and even in judicial opinions issued by the federal courts. Sometimes Smith is invoked favorably, and other times negatively. Most of the time, however, he is invoked in a one-dimensional and iconic way, with a reference to his famous metaphor of the invisible hand. In these invocations, Smith is typically portrayed as an advocate of unbridled self-interest with little or no regard for the public interest. In this regard, he is often misunderstood as having advocated for self-interest as the primary source of social progress. To the contrary, while Smith recognized self-interest as an underlying force in society, he understood that progress came from directing the forces of self-interest toward the successful promotion of the common interest.
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