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Adam Smith and the not so invisible hand: A revision for the undergraduate classroom

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  • Dupont, Brandon
  • Durham, Yvonne

Abstract

Students in introductory economics rarely get much exposure to historical ideas, but they often hear about at least one historical concept: “the invisible hand.” Unfortunately, what they learn about the invisible hand – at least as far as is evident in the leading undergraduate textbooks – is flawed, largely because it is removed from its historical context. In this paper, we describe recent research on Smith’s metaphor and suggest some simple ways for instructors to use it – informed by the context in which it was written and Smith’s original intent. We also describe some simple classroom experiments that aid in these discussions.

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  • Dupont, Brandon & Durham, Yvonne, 2021. "Adam Smith and the not so invisible hand: A revision for the undergraduate classroom," International Review of Economics Education, Elsevier, vol. 36(C).
    • Handle: RePEc:eee:ireced:v:36:y:2021:i:c:s1477388020300323
    DOI: 10.1016/j.iree.2020.100205
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    3. repec:fst:rfsisf:v:7:y:2022:i:13:p:51-62 is not listed on IDEAS

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