Question A:
Adam Smith’s metaphor of the invisible hand has been foundational to the development of modern economic theory.
Responses
© 2025. Kent A. Clark Center for Global Markets.
27%
0%
0%
0%
4%
33%
37%
Responses weighted by each expert's confidence
© 2025. Kent A. Clark Center for Global Markets.
0%
0%
4%
40%
55%
Question B:
Adam Smith’s metaphor of the invisible hand has been commonly misinterpreted as advocacy for pure laissez-faire capitalism.
Responses
© 2025. Kent A. Clark Center for Global Markets.
27%
2%
0%
4%
2%
49%
16%
Responses weighted by each expert's confidence
© 2025. Kent A. Clark Center for Global Markets.
0%
4%
0%
70%
26%
Question A Participant Responses
Participant |
University |
Vote |
Confidence |
Bio/Vote History |
|---|---|---|---|---|
 Franklin Allen |
Imperial College London | Bio/Vote History | ||
|
Adam Smith's idea of the invisible hand of the market is arguably the most important in economic theory.
|
||||
 Pol Antras |
Harvard | Bio/Vote History | ||
|
|
||||
 Agnès Bénassy-Quéré |
Paris School of Economics | Bio/Vote History | ||
|
|
||||
 Olivier Blanchard |
Peterson Institute | Bio/Vote History | ||
|
|
||||
 Nicholas Bloom |
Stanford | Bio/Vote History | ||
|
Yes, but there is much more to Adam Smith that just the invisible hand, like all good Scots. Indeed there is much more to haggis than just a nasty appearance and a horrible taste :-)
|
||||
 Richard William Blundell |
University College London | Did Not Answer | Bio/Vote History | |
|
|
||||
 Maristella Botticini |
Bocconi | Bio/Vote History | ||
|
|
||||
 Elena Carletti |
Bocconi | Bio/Vote History | ||
|
|
||||
 Jean-Pierre Danthine |
Paris School of Economics | Bio/Vote History | ||
|
|
||||
 Paul De Grauwe |
LSE | Bio/Vote History | ||
|
|
||||
 Jan Eeckhout |
UPF Barcelona | Bio/Vote History | ||
|
|
||||
 Ernst Fehr |
Universität Zurich | Bio/Vote History | ||
|
|
||||
 Xavier Freixas |
Barcelona GSE | Did Not Answer | Bio/Vote History | |
|
|
||||
 Nicola Fuchs-Schündeln |
Goethe-Universität Frankfurt | Bio/Vote History | ||
|
|
||||
 Jordi Galí |
Barcelona GSE | Did Not Answer | Bio/Vote History | |
|
|
||||
 Yuriy Gorodnichenko |
Berkeley | Bio/Vote History | ||
|
|
||||
 Rachel Griffith |
University of Manchester | Did Not Answer | Bio/Vote History | |
|
|
||||
 Veronica Guerrieri |
Chicago Booth | Did Not Answer | Bio/Vote History | |
|
|
||||
 Luigi Guiso |
Einaudi Institute for Economics and Finance | Bio/Vote History | ||
|
|
||||
 Sergei Guriev |
Sciences Po | Bio/Vote History | ||
|
|
||||
 Patrick Honohan |
Trinity College Dublin | Bio/Vote History | ||
|
Although Smith knew that the hand is sometimes visible.
|
||||
 Beata Javorcik |
University of Oxford | Bio/Vote History | ||
|
|
||||
 Botond Kőszegi |
Central European University | Bio/Vote History | ||
|
|
||||
 Jan Pieter Krahnen |
Goethe University Frankfurt | Bio/Vote History | ||
|
The metaphor has been enormously helpful to spark interest, curiosity and also: fierce opposition to the idea that, under certain conditions, markets aggregate information and allow decentralized action to be coordinated. While important and effective, it is not foundational,
|
||||
 Eliana La Ferrara |
Harvard Kennedy | Did Not Answer | Bio/Vote History | |
|
|
||||
 Christian Leuz |
Chicago Booth | Bio/Vote History | ||
|
|
||||
 Thierry Mayer |
Sciences-Po | Bio/Vote History | ||
|
|
||||
 Costas Meghir |
Yale | Did Not Answer | Bio/Vote History | |
|
|
||||
 Marco Pagano |
Università di Napoli Federico II | Bio/Vote History | ||
|
|
||||
 Lubos Pastor |
Chicago Booth | Bio/Vote History | ||
|
|
||||
 Torsten Persson |
Stockholm University | Did Not Answer | Bio/Vote History | |
|
|
||||
 Christopher Pissarides |
London School of Economics and Political Science | Did Not Answer | Bio/Vote History | |
|
|
||||
 Richard Portes |
London Business School | Did Not Answer | Bio/Vote History | |
|
|
||||
 Canice Prendergast |
Chicago Booth | Bio/Vote History | ||
|
|
||||
 Carol Propper |
Imperial College London | Bio/Vote History | ||
|
|
||||
 Imran Rasul |
University College London | Bio/Vote History | ||
|
|
||||
 Lucrezia Reichlin |
London Business School | Bio/Vote History | ||
|
|
||||
 Ricardo Reis |
London School of Economics | Bio/Vote History | ||
|
|
||||
 Rafael Repullo |
CEMFI | Bio/Vote History | ||
|
|
||||
 Hélène Rey |
London Business School | Did Not Answer | Bio/Vote History | |
|
|
||||
 Antoinette Schoar |
MIT | Did Not Answer | Bio/Vote History | |
|
|
||||
 Kjetil Storesletten |
University of Minnesota | Bio/Vote History | ||
|
|
||||
 Daniel Sturm |
London School of Economics | Bio/Vote History | ||
|
|
||||
 Rick Van der Ploeg |
Oxford | Bio/Vote History | ||
|
Smith and later Hayek have shown us the importance of using markets rather than Stalinist planning. And of course the Arrow-Debreu-Hahn theory of general equilibrium is taught to all students.
|
||||
 John Van Reenen |
LSE | Bio/Vote History | ||
|
|
||||
 John Vickers |
Oxford | Bio/Vote History | ||
|
|
||||
 Hans-Joachim Voth |
University of Zurich | Bio/Vote History | ||
|
|
||||
 Karl Whelan |
University College Dublin | Did Not Answer | Bio/Vote History | |
|
|
||||
 Charles Wyplosz |
The Graduate Institute Geneva | Bio/Vote History | ||
|
|
||||
Question B Participant Responses
Participant |
University |
Vote |
Confidence |
Bio/Vote History |
|---|---|---|---|---|
|
Franklin Allen |
Imperial College London | Bio/Vote History | ||
|
Market failures are by now fairly well understood.
|
||||
|
Pol Antras |
Harvard | Bio/Vote History | ||
|
Much in the Wealth of Nations is inconsistent with the notion that laissez-faire is the optimal policy in all markets.
|
||||
|
Agnès Bénassy-Quéré |
Paris School of Economics | Bio/Vote History | ||
|
|
||||
|
Olivier Blanchard |
Peterson Institute | Bio/Vote History | ||
|
There are few truly competitive markets in modern economies.
|
||||
|
Nicholas Bloom |
Stanford | Bio/Vote History | ||
|
|
||||
|
Richard William Blundell |
University College London | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Maristella Botticini |
Bocconi | Bio/Vote History | ||
|
|
||||
|
Elena Carletti |
Bocconi | Bio/Vote History | ||
|
|
||||
|
Jean-Pierre Danthine |
Paris School of Economics | Bio/Vote History | ||
|
|
||||
|
Paul De Grauwe |
LSE | Bio/Vote History | ||
|
|
||||
|
Jan Eeckhout |
UPF Barcelona | Bio/Vote History | ||
|
|
||||
|
Ernst Fehr |
Universität Zurich | Bio/Vote History | ||
|
|
||||
|
Xavier Freixas |
Barcelona GSE | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Nicola Fuchs-Schündeln |
Goethe-Universität Frankfurt | Bio/Vote History | ||
|
|
||||
|
Jordi Galí |
Barcelona GSE | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Yuriy Gorodnichenko |
Berkeley | Bio/Vote History | ||
|
|
||||
|
Rachel Griffith |
University of Manchester | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Veronica Guerrieri |
Chicago Booth | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Luigi Guiso |
Einaudi Institute for Economics and Finance | Bio/Vote History | ||
|
|
||||
|
Sergei Guriev |
Sciences Po | Bio/Vote History | ||
|
|
||||
|
Patrick Honohan |
Trinity College Dublin | Bio/Vote History | ||
|
But not by thoughtful economists...
|
||||
|
Beata Javorcik |
University of Oxford | Bio/Vote History | ||
|
|
||||
|
Botond Kőszegi |
Central European University | Bio/Vote History | ||
|
|
||||
|
Jan Pieter Krahnen |
Goethe University Frankfurt | Bio/Vote History | ||
|
At least this is the way how it is typically used in today's press: as evidently false...
|
||||
|
Eliana La Ferrara |
Harvard Kennedy | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Christian Leuz |
Chicago Booth | Bio/Vote History | ||
|
|
||||
|
Thierry Mayer |
Sciences-Po | Bio/Vote History | ||
|
|
||||
|
Costas Meghir |
Yale | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Marco Pagano |
Università di Napoli Federico II | Bio/Vote History | ||
|
|
||||
|
Lubos Pastor |
Chicago Booth | Bio/Vote History | ||
|
|
||||
|
Torsten Persson |
Stockholm University | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Christopher Pissarides |
London School of Economics and Political Science | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Richard Portes |
London Business School | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Canice Prendergast |
Chicago Booth | Bio/Vote History | ||
|
|
||||
|
Carol Propper |
Imperial College London | Bio/Vote History | ||
|
|
||||
|
Imran Rasul |
University College London | Bio/Vote History | ||
|
|
||||
|
Lucrezia Reichlin |
London Business School | Bio/Vote History | ||
|
|
||||
|
Ricardo Reis |
London School of Economics | Bio/Vote History | ||
|
|
||||
|
Rafael Repullo |
CEMFI | Bio/Vote History | ||
|
|
||||
|
Hélène Rey |
London Business School | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Antoinette Schoar |
MIT | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Kjetil Storesletten |
University of Minnesota | Bio/Vote History | ||
|
|
||||
|
Daniel Sturm |
London School of Economics | Bio/Vote History | ||
|
|
||||
|
Rick Van der Ploeg |
Oxford | Bio/Vote History | ||
|
Adam Smith both in the Wealth of Nations and in the Theory of Moral Sentiments has warned for market failures and inequalities which need to be corrected.
|
||||
|
John Van Reenen |
LSE | Bio/Vote History | ||
|
|
||||
|
John Vickers |
Oxford | Bio/Vote History | ||
|
|
||||
|
Hans-Joachim Voth |
University of Zurich | Bio/Vote History | ||
|
|
||||
|
Karl Whelan |
University College Dublin | Did Not Answer | Bio/Vote History | |
|
|
||||
|
Charles Wyplosz |
The Graduate Institute Geneva | Bio/Vote History | ||
|
|
||||
