Law and The Invisible Hand: A Theory of Adam Smith's Jurisprudence (Draft Chapter 1)

Abstract

Fundamentally, law is to society as gravity is to the solar system, it is the invisible force that holds it together and keeps it operating smoothly and productively. Law enhances social cooperation, facilitates trade, and extends the market. In these ways, law functions like Adams Smith’s invisible hand, guiding and facilitating the progress of humankind.

This paper outlines the elements of understanding Smith's theory of jurisprudence, and introduces the theory developed in my book.

Keywords: Adam Smith, law, jurisprudence, economics, history of economics, invisible hand, law and economics, law and society

JEL Classification: B12, B31, K, N01