Многорукий Адам Смит

Высшая школа экономики , 2023. № WP3/2023/01.

Kapeliushnikov R.

The paper analyses the metaphor of “invisible hand” which was introduced more than two and a half centuries ago by Adam Smith and has become the central concept of the modern economics. Several issues that attract today the most attention are discussed: 1) what is the general idea behind Smith’s metaphor, what meaning did he put into it himself; 2) how consistent are three cases of its usage in Smith’s texts – “The History of Astronomy” (1796), “The Theory of Moral Sentiments” (1757) and “The Wealth of Nations” (1776); 3) what interpretation should be considered more correct – theological (in this case, “invisible hand” is attributed to the Divine Providence directing it) or secular (in this case, it acts autonomously, without external control from any higher powers); 4) how adequate to Smith’s views is the standard neockassical approach, when his “invisible hand” is treated as a germ of the general equilibrium model. A special section is devoted to exploration of origin and reception of Smith’s metaphor at various stages of the evolution of economic thought. The paper’s main focus is on textual analysis of fragments in Smith’s works where he refers to “invisible hand.” This survey may be useful, since during the lifetime of the “invisible hand” metaphor it acquired maltiple biases and misinterpretations.

Keywords: координация, Адам Смит, coordination, непредвиденные последствия, Adam Smith, невидимая рука, спонтанный порядок, invisible hand, unintended results, spontaneous order