Adam Smith's invisible hand argument

@article{Bishop1995AdamSI,
  title={Adam Smith's invisible hand argument},
  author={John Douglas Bishop},
  journal={Journal of Business Ethics},
  year={1995},
  volume={14},
  pages={165-180}
}
  • J. Bishop
  • Published 1 March 1995
  • Economics
  • Journal of Business Ethics
Adam Smith is usually thought to argue that the result of everyone pursuing their own interests will be the maximization of the interests of society. The invisible hand of the free market will transform the individual's pursuit of gain into the general utility of society. This is the invisible hand argument.Many people, although Smith did not, draw a moral corollary from this argument, and use it to defend the moral acceptability of pursuing one's own self-interest.Smith does use the invisible… 
Adam Smith’s Vision of the Ethical Manager
Smith’s famous invocation of the invisible hand – according to which self-interest promotes the greater good – has popularly been seen as a fundamental challenge to business ethics, a field committed
Seeing the invisible hand : assessing Milton Friedman's faith in the market
This thesis assesses the theories of Milton Friedman, arguably the most influential economist of the 20th and 21st centuries. His core argument, that an economy populated by profit maximising
God and the Market: Adam Smith’s Invisible Hand
The invisible hand image is at the centre of contemporary debates about capacities of markets, on which discussion of many other topics in business ethics rests. However, its meaning in Adam Smith’s
Shared Value and the Impartial Spectator Test
Growing inequality and its implications for democratic polity suggest that corporate social responsibility (CSR) has not proved itself in twenty-first century business, largely as it lacks clear
Smith, Friedman, and Self-Interest in Ethical Society
Abstract: We examine the writings of Adam Smith and Milton Friedman regarding their interpretation and use of the concept of self-interest. We argue that neither Smith nor Friedman considers
Strengthening “Giving Voice to Values” in Business Schools by Reconsidering the “Invisible Hand” Metaphor
AbstractThe main contention of this paper is that our ability to embed a consideration of values into business school curricula is hampered by certain normative parameters that our students have when
Hirschman’s Rhetoric of Reaction: U.S. and German Insights in Business Ethics
In recent times, representatives of American management science have been arguing increasingly for a functionalization of ethics to change economic thinking: what they are seeking is the systematic
Impartial Spectator in the Marketplace of Ideas: The Principles of Adam Smith as an Ethical Basis for Regulation of Corporate Speech
The corporate voice is arguably the loudest in mass communication today and has been the subject of a series of landmark Supreme Court decisions since 1978. This integrative essay offers an ethical
The Philosophy of Ecology in John Steinbeck's The Grapes of Wrath
This thesis explores the possibilities for ecocritical study in fiction through John Steinbeck’s 1939 novel The Grapes of Wrath. Major ecocritical interpretation has yet to gain much traction in
Business Ethics and the Origins of Contemporary Capitalism: Economics and Ethics in the Work of Adam Smith and Herbert Spencer
Both Adam Smith and Herbert spencer, albeit in quite different ways, have been enormously influential in what we today take to be philosophies of modern capitalism. Surprisingly it is Spencer, not
...
1
2
3
4
...

References

SHOWING 1-10 OF 16 REFERENCES
Adam Smith's Politics: An Essay in Historiographic Revision
For most of the two hundred years or so that have passed since the publication of the Wealth of Nations, Adam Smith's writings on political and economic questions have been viewed within a liberal
The individual in society : papers on Adam Smith
1. Introductory 2. The Scottish Tradition in Economic Thought 3. Adam Smith's Theory of Moral Sentiments 4. Adam Smith's Moral Sentiments as Foundation for his Wealth of Nations 5. 'The Impartial
Adam Smith: Philosophy, Science, and Social Science
What darkness was the ‘Enlightenment’ supposed to have removed? The answer is irrational forms of religion. Most of the ‘enlightened’ took the view that revealed religion was irrational and that
The Moral Standing of the Market
How valuable is the market mechanism for practical morality? What is its moral standing? We can scarcely doubt that as individuals we do value tremendously the opportunity of using markets. Indeed,
Adam Smith's science of morals
Part 1: The Science of Society 1. Philosophy and Science in Adam Smith 2. Social Science or Social Philosophy 3. Smith's Social Theory Part 2: Adam Smith's Moral Theory 4. Approval and Sympathy 5.
The fable of the bees
A physician with a particular interest in psychological disorders and satirist, Mandeville published versions of his notorious "Fable of the Bees" from 1714 to 1732. Each was a defence and
Corporate Corruption: The Abuse of Power
Preface The Abuse of Corporate Power Detroit Roulette The Great Oil Rip-Off The Drugmakers The "Patriotic" Defense Industry Corporate Violence Corporate Bribery The Rape of the Third World What Can
...
1
2
...