Dennis Rasmussen: The phrase the invisible hand has come to mean something different. He says it's become associated with positive cases of unintended consequences. But you can also look elsewhere in his work and find negative outcomes, he says. Rasmussen: Whether Smith was actually right in this regard or whether his reasoning holds up is a matter of debate.
Economists and politicians have turned him into a mascot for free-market ideology. Some on the left say the right has badly misread him. Prepare for a very Smithy tug of war. (Part 2 of “In Search of the Real Adam Smith.”)