Mandeville's paradox
Appearance
This article needs additional citations for verification. (November 2009) |
Mandeville's paradox is named after
The Fable of The Bees: or, Private Vices, Public Benefits. He states that "Fraud, Luxury, and Pride must live; Whilst we the Benefits receive."[1]
The philosopher and economist Adam Smith opposes this (although he defends a moderated version of this line of thought in his theory of the invisible hand), since Mandeville fails, in his opinion, to distinguish between vice and virtue.[2]
References
- ^ Mandeville, Bernard (1714). The Fable of the Bees. ‘The Moral’.
- ^ Smith, Adam (1759). The Theory of Moral Sentiments. Part VII, Section II, Chapter 4 (‘Of licentious systems’).