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ECONOMY that causes self-interested economic agents through exchange to promote the general good of society. The idea originated in the discussion of natural law by the English philosopher John LOCKE but is usually associated with Adam SMITH who, in his Theory of Moral Sentiments and less so in his Wealth of Nations, developed this PHYS!OCRATIC notion. Smith's use of the principle was less sensational than MANDEVILLE's that described how private vices promote public virtue. Ahmad has identified four functions of the 'invisible hand': to limit the size of the landlord's stomach, to curb the residual selfishness of a landlord, to optimize production and to preserve the natural order.<br /><em>Reference</em><br />Ahmad, S. (1990) 'Adam Smith's four invisible hands', History of Political Economy 22: 137-43.
normative economics (A1)<br />Economics based on value judgments stating what should be the case, e.g 'personal incomes should be equal'. The distinction between this type of economics and POSITIVE ECONOMICS includes in its ancestry HUME's 'is-ought' dichotomy. Normative issues, cen tral to WELFARE ECONOMICS, cannot be settled by appeals to facts.<br /><em>See also:</em> economic methodology <br /><em>Reference</em><br />My rdal, G. (1954) The Political Element in the Development of Economic Thought, trans. P Strecten, London: Routledge & Kegan Paul.
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