Invisible Hand n. 359
Fred Cederholm writes in axcessnew: ‘Th*nk*ng about when, not if, a recession occurs’ (here).
Whatever the accuracy of the the author’s thoughts of recession he writes what can only be described as misleading nonsense about Adam Smith, part of it made up (pendulums).
“18th Century economist Adam Smith described this invisible hand of underlying market forces as the swinging of a pendulum. Under the laws of physics chronicled by Sir Isaac Newton, it reads that: "for every action, there is (eventually) an equal and opposite re-action." In 2008, we shall see the developments, excesses, and mistakes of the past to try to correct themselves. This is the natural order of things be they financial, economic, political, social, and/ or military.”
Comment
See below and the many pieces on Smith’s use of, and meaning of, ‘an invisible hand’. It had nothing to do with markets.
Whatever the accuracy of the the author’s thoughts of recession he writes what can only be described as misleading nonsense about Adam Smith, part of it made up (pendulums).
“18th Century economist Adam Smith described this invisible hand of underlying market forces as the swinging of a pendulum. Under the laws of physics chronicled by Sir Isaac Newton, it reads that: "for every action, there is (eventually) an equal and opposite re-action." In 2008, we shall see the developments, excesses, and mistakes of the past to try to correct themselves. This is the natural order of things be they financial, economic, political, social, and/ or military.”
Comment
See below and the many pieces on Smith’s use of, and meaning of, ‘an invisible hand’. It had nothing to do with markets.
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