that fits with a big controversy about Smith. Some see the Invisible Hand quote as applying to only international trade issues (the specific topic) while others generalize it. Samuelson seems to be the latter without indicating that he's doing it by misquoting Smith (by not making the elisions clear).
On Sun, Apr 17, 2011 at 1:13 PM, Sabri Oncu <[email protected]> wrote: > Smith's original: "As every individual, therefore, endeavours as much > as he can both to employ his capital in the support of domestic > industry, and so to direct that industry that its produce may be of > the greatest value; every individual necessarily labours to render the > annual revenue of the society as great as he can. He generally, > indeed, neither intends to promote the public interest, nor knows how > much he is promoting it. By preferring the support of domestic to that > of foreign industry, 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. Nor is it always the worse for the society > that it was no part of it. By pursuing his own interest he frequently > promotes that of the society more effectually than when he really > intends to promote it." > > The version of Smith's text found in Samuelson's textbook: "Every > individual endeavours to employ his capital so that its produce may be > of the greatest value. He generally neither intends to promote the > public interest, nor knows how much he is promoting it. He intends > only his own security, only his own gain. And he is in this led by an > invisible hand to promote an end which was no part of his intention. > By pursuing his own interest he frequently promotes that of the > society more effectually than he really intends to promote it." > > Any comments? > > Best, > Sabri > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
