Unveiling Adam Smith’s Invisible Hands: Transcending Giorgio Agamben’s Economic Theology

This article provides a critical evaluation of Giorgio Agamben’s argument that Adam Smith’s metaphor of the invisible hand is representative of economic theology and providential control. Although Agamben’s analysis does not explicate a nuanced view of the invisible hand, it does reveal the embedded economic theology in its misuse by neoliberal economists who characterise the invisible hand as a fundamental mechanism of market coordination consistent with a providential order. Conversely, this study argues that such perspectives fail to account for the intricacy and ambivalence inherent in Smith’s philosophy. Through textual analysis of the invisible hand in The Theory of Moral Sentiments, The Wealth of Nations, and The History of Astronomy, the manuscript highlights that Smith presents three distinct perspectives and that the theological interpretations do not adequately capture this divergence. Rather than endorsing a providential or theological framework, Smith’s use of the invisible hand is shown to be a conditional and intricate metaphor that serves as a critique, a form of social engagement, ethical commerce, and empirical analysis of irrational belief in markets that support the common good. Therefore, this interpretation transcends economic theology and reductive neoliberal economics, offering a more nuanced understanding with important implications for contemporary economics.