ABSTRACT
Adam Smith is the author of two famous metaphors. One, the metaphor of the "invisible hand," has been widely assimilated, whereas the importance of the other, the "impartial spectator/' has not received nearly as much recognition. Another metaphor, that of the "impartial spectator," is generally not as well understood. Its fate is much the same as that of Max Weber's "axiological rationality." In other words, the "impartial spectator" would be an "invisible hand" with the ability to transmute a biased opinion into one in keeping with the common interest, just as the "invisible hand" turns egoism into altruism. Russell Hardin was a prisoner of his Benthamian model, and overlooked the role of the "impartial spectator."Hardin was a prisoner of his Benthamian model, and overlooked the role of the "impartial spectator." According to him, since universal values, unlike "community values," do not serve the interests of individuals, one cannot see from whence they might derive any strength.
