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Subject:
From:
Axel Gosseries <[log in to unmask]>
Reply To:
Societies for the History of Economics <[log in to unmask]>
Date:
Mon, 13 Jul 2009 07:56:08 -0400
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Dear colleagues,

would anyone have some specific reading to recommend on the very last 
sentence in the passage below?

Many thanks in advance,

Axel Gosseries


>Adam Smith (1776, Book 4, Chapter 2) argued that::
>
>"As every individual, therefore, endeavours [sic] 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 [sic] 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. I have never known much good 
>done by those who affected to trade for the public good."

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