In fact, he barely wrote about it at all. Nalis: But as it turns out, Adam Smith actually didn’t write about the invisible hand as a force for good. Whether he actually posited it the way we think about it, I’ll leave to your obsessions! Jim: I actually believe in the invisible hand! I think it’s the basis of capitalism. Jim: “The invisible hand of the market always moves faster and better than the heavy hand of government.” Nalis: We couldn’t get the rights to the broadcast of Romney’s speech, so we’ve asked G/O Media CEO Jim Spanfeller to do his best Mitt Romney impression and read the quote: Jim: You’re not going to read it, like, in character? Because it’s “natural,” it’s seen as a positive.įormer Republican candidate for US president Mitt Romney even used it in his campaign in 2012.
The invisible hand is typically understood as the natural force that moves the markets, driven by individuals acting in their own self-interest.
And that may or may not be what Darwin meant.Īnother concept like that, is “ the invisible hand,” famously posited by 18th century Scottish economist, Adam Smith, in his book, The Wealth of Nations, which I also have not read. What I know about Darwinian theory actually comes from an interpretation of it that frames natural selection as a competition where only the most ruthless survive. I can do a pretty good job of pretending I’ve read On the Origin of Species, but like most people, I have not. Nalis: There are concepts out there that we never truly studied, but sort of just learned about, say… natural selection. What can you do when your company reverses on remote work? Millennials are just as wealthy as their parents Here's how 10 industries are experimenting with ChatGPT Listen on: Apple Podcasts | Spotify | Google | Stitcher
#Adam smith invisible hand passage full#
This is the full transcript for season 4, episode 7 of the Quartz Obsession podcast on the invisible hand. The invisible hand: Capitalism's misunderstood metaphor
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