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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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