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From: "Anne Bunton" <ABUNTON@cottey.edu>
Organization: Cottey College
To: tch-econ@lumen.elon.edu
Date: Tue, 16 Apr 1996 10:47:08 CST
Subject: Re: Invisible hand
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["It is not from the benevolence of the butcher, the brewer, or the
baker that we expect our dinner, but from their regard to their own
interest] THIS PART OF THE QUOTE IS INDEED FROM BOOK 1, CHAP 2 BUT
. . . Every individual is continually exerting himself to
find out the most advantageous employment for whatever capital he can
command[.] . . .[ [b]By directing that industry in such a manner as its
produce may be of the greatest value, he intends only his own gain,
and he is in this, as in many other cases, led by an invisible hand
to promote an end which was no part of his intention."]BOOK IV, CHAP ii.
THERE ARE "UNINTENDED CONSEQUENCES" QUOTES ALL OVER THE PLACE IN BOTH TMS AND
WON BUT IF DOLAN AND LINDSEY DO QUOTE IN THIS MANNER, THEY ARE MAKING A
SERIOUS REFERENCE ERROR.
AS A NOTE, THE PHRASE "INVISIBLE HAND" IS ALSO USED, IN A DIFFERENT CONTEXT, IN
THE ESSAY ON THE HISTORY OF ASTRONOMY.
Adam Smith, The Wealth of Nations (1776), Book 1, Chapter 2.
This is according to Dolan and Lindsay, Economics, 7th ed., page 17.
(Dryden Press).
Anne Bunton
Cottey College