Happy birthday, Adam Smith – @ASI

Eamonn Butler at the Adam Smith Institute celebrates Smith’s birthday with a summary of his work and influence, including the following quote:

Every individual… neither intends to promote the public interest, nor knows how much he is promoting it… he intends only his own security; and 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.

The invisible hand, the benefits of free trade (instead of the then prevalent mercantilism) and the Theory of Moral Sentiments. A remarkable legacy.

 

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