Adam Smith's “invisible hand”: content and role

 
PIIS086904990002758-5-1
DOI10.31857/S086904990002758-5
Publication type Article
Status Published
Authors
Occupation: Professor, political economy department at Lomonosov Moscow State University
Affiliation: Lomonosov Moscow State University
Address: Russian Federation, Moscow
Journal nameObshchestvennye nauki i sovremennost
EditionIssue 6
Pages162-173
Abstract

The article studies the initial stage of the emerging theory of competition. The mysterious market “invisible hand” in A. Smith’s understanding is nothing but a competition. The references to A. Smith used to justify economic liberalism often do not fully correspond to his views, and the critical attitude to competition was actually formed at its early stage.

Keywordscompetition, “invisible hand”, free competition, economic liberalism
Received28.12.2018
Publication date28.12.2018
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