Adam Smith: The Invisible Hand

Liberty Institute provides an examination of what Adam Smith meant in referring to an Invisible Hand that brought national prosperity to those nations protecting the liberty of its citizens to pursue division of labor.  Citizens free to choose their own course of labor put their entrepreneurial and ingenuity to work in their field which meant that in pursuing their own well-being, they also improved the well-being of those around them.

This aspect of the reality of the human spirit is being overwhelmed by government intervention and regulations. The Liberty of individuals to see a market niche and then fill it is hampered by factions lobbying Congress for protection, regulations passed by unelected bureaucrats, and committees with the ability to thwart freedom of thought and ideas.

[youtube]http://www.youtube.com/watch?v=EBifN69gcKY&feature=relmfu[/youtube]

Comments

  1. Adam Smith did give an argument for markets, but the argument was that under conditions of perfect liberty, markets will lead to perfect equality. That’s the argument for them, because he thought that equality of condition (not just opportunity) is what you should be aiming at.

  2. You are incorrect in your facts regarding Smith’s theory. Smith’s philosophical work was to identify those commodities necessary to creating a prosperous and wealthy nation. Oddly enough, he and others of the Scottish Enlightenment found that “life, liberty, and the pursuit of happiness” were fundamental to an appreciating nation.

    What you are advocating is the antithesis of Smith’s philosophy.

    Forcing unique, created individuals into equality is the stuff of oppression and tyranny. Such thinking is factually incorrect because it denies both human nature and natural law which again is antithetical to our Declaration of Independence, Federalist Papers, and Constitution.

    Further, by what moral criteria do you demand equality of outcome?

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