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CONSUMERS, PRODUCERS, AND THE EFFICIENCY OF MARKETS 25 Adam Smith and the Invisible Hand “ Man has almost constant occasion for the help of his brethren, and it is vain for him to expect it from their benevolence only. Adam Smith, 17231790 Passages from The Wealth of Nations, 1776 He will be more likely to prevail if he can interest their selflove in his favor, and show them that it is for their own advantage to do for him what he requires of them… It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest…. CONSUMERS, PRODUCERS, AND THE EFFICIENCY OF MARKETS 26 Adam Smith and the Invisible Hand “ Every individual…neither intends to promote the public interest, nor knows how much he is promoting it…. Adam Smith, 17231790 Passages from The Wealth of Nations, 1776 He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.” CONSUMERS, PRODUCERS, AND THE EFFICIENCY OF MARKETS 27 結(jié)論:市場效率與市場失靈 ? 運用福利經(jīng)濟學的基本工具 消