Adam Smith's Answer to the Feldstein-Horioka Paradox: The Invisible Hand Revisited

In this paper, we show that Adam Smith pointed out the existence of the Feldstein-Horioka Paradox or Puzzle and even gave an explanation for it morethan 200 years before the publication of Feldstein and Horioka (1980). Smith argues that it is the pursuit of their own security that leads owners of capital to invest their capital in their own country to as great an extent as possible and that it is the pursuit of security rather than the pursuit of profit that leads individuals to promote the good of society as a whole via the ginvisible hand.h

乳糖よりラクトビオン酸の酵素的生成

京都大学0048新制・課程博士医学博士医博第96号新制||医||36(附属図書館)320京都大学大学院医学研究科生理系専攻(主査)教授 早石 修, 教授 山田 肇, 教授 島本 暉朗学位規則第5条第1項該当Kyoto UniversityDA