ADAM SMITH ON METHOD: NEWTONIANISM, HISTORY, INSTITUTIONS, AND THE “INVISIBLE HAND”

Stefano Fiori

Journal of the History of Economic Thought, 2012, vol. 34, issue 3, 411-435

Abstract: Smith was influenced by Newton’s method. Nonetheless, he introduced elements that led him far from the Newtonian perspective. The present essay analyzes how historical dimensions, contingencies, institutions, and conflicting human inclinations modify a Newtonian horizon. Finally, the paper focuses on how, in Smith’s view, institutions determine “unintended outcomes,” which are sometimes opposed to those of the market. In this sense, the “invisible hand” is not only the result of the behavior of myopic individuals trying to improve their conditions; it is also the outcome of the work of institutions that operate as structures autonomous with respect to individuals.

Date: 2012
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