![]() ![]() Gopinath cites evidence showing AI has led to productivity growth which will please Smith. Smith mentioned that wealth of nations is determined by productivity. ![]() Thankfully, Gopinath discusses impact of the ‘artificial hand’ from both the prisms of WoN and TMS. Most discussions on Smith are limited to WoN and TMS is ignored. Alex Thomas of Azim Premji University sums up the differences between all the three views nicely here.Ĭoming back to Gopinath’s lecture. Moreover, he mentions invisible hand just once in the book which in turn was influenced by none other than William Shakespeare! There is a third group which argues that we should read TMS and WoN together to get a true understanding of the man. Smith did write about the need for State and role of taxes. There is another group which suggests that Smith’s “invisible hand” attribution has been overstretched. Smith has become the face of those who support markets over State. Both self-interest and invisible hand are cited as major reasons for less government intervention in economic life and even generally, too. He also mentions that self-interest is the core reason for any economic activity. There is one group of economists who interpret “invisible hand” as economies which work best when there is minimal State intervention. Smith mentions the famous metaphor of “invisible hand” in WoN which has generated a lot of controversy. WoN, on the other hand, as the title suggests, focuses on how nations grow rich and why individual liberty is crucial in economic transactions. TMS, as the title suggests, focuses on moral philosophy and discusses human beings as a sympathetic being who cares for others. Both these books generate a lot of controversy as one is not sure which book portrays Smith correctly. Smith wrote two major books in his life: Theory of Moral Sentiments (TMS) in 1759 and Inquiry into Nature and Causes of Wealth of Nations (WoN) in 1776. I am often asked: How is HET or Smith relevant in today’s world? Gopinath’s phrasing of the question will immediately draw the attention of the 21st century student. I teach this subject called History of Economic Thought (HET), which focuses on these stalwart economists and their ideas. Second, by asking the question in this manner, she makes Smith relevant three centuries later. Why? Because she wishes to draw attention to how Smith, if alive today, would have thought about world of digital technologies and Artificial Intelligence (AI). First, she cleverly draws attention to the famous Smith attribution of “invisible hand” but instead calls it “artificial hand”. ![]() Gopinath manages to hit two birds with one stone via this question. In her remarks, Gopinath asks “how would Adam Smith have responded to the emergence of this new “artificial hand”? Gita Gopinath, first deputy managing director of International Monetary Fund (IMF) was invited to speak at University of Glasgow, where Smith acclaimed fame as both a writer and teacher. Given his tercentenary, there have been proliferation over internet and social media of several articles. One speech, among many, strikes a chord. The interest in Smith and his ideas has developed into a mega industry of its own with so many books and scholarship, each interpreting his ideas from their vantage points. Smith’s scholarship have fascinated not just economists and philosophers but cuts across many fields. But as we do not know his birth date, June 5 is marked as the great Scotsman’s birthday. Ideally, it should be 300th anniversary of Smith’s baptisation as he was baptised on the date. Jis marked as the birth tercentenary of Scottish Philosopher Adam Smith, also known as father of economics. ![]()
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