The Hesitant Hand: Taming Self-Interest in the History of Economic Ideas

Adam Smith turned economic theory on its head in 1776 when he declared that the pursuit of self-interest mediated by the market itself—not by government—led, via an invisible hand, to the greatest possible welfare for society as a whole. The Hesitant Hand examines how subsequent economic thinkers have challenged or reaffirmed Smith's doctrine, some contending that society needs government to intervene on its behalf when the marketplace falters, others arguing that government interference ul...