Journal of Private Enterprise, October 1st, 2005
The virtues of greed have been widely promoted by some economists in the 20th century. Allegedly it is Adam Smith who provides this new dignity to greed (Lerner, 1937, ix). Kenneth Arrow and Frank Hahn in the General Equilibrium Analysis (1971), for example, implicitly assume that Adam Smith's self-interest is the greed that promotes economic efficiency (quoted in Evensky, 1993, 203). Walter Williams (1999), a devoted follower of Smith, writes in his column that, "Free markets, private property rights, voluntary exchange, and greed produce preferable outcomes most times and under most conditio...
HighBeam Research, Free Preview: 'Adam Smith and Greed'... Full Membership required for unlimited access. Free 7-day trial.
Subscribers: HighBeam content is only available to HighBeam subscribers. Click the link above for more information.
