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When Freakonomics usually appears in Lost Legacy it is because I am commenting on something it has written with which I disagree. Today its carries a report of the publication of my paper, 'Adam Smith and the Invisible hand: from metaphor to myth’, in Econ Journal Watch (and a critical response from Dan Klein): HERE
‘The Invisible Hand Hoax’ By Freakonomics
‘Adam Smith’s “invisible hand” theory of efficient markets is one of the first lessons taught to young economics students. James Tobin, a Nobel prize-winning economist, once described the theory as “… one of the great ideas of history and one of the most influential.” But in this new paper, Gavin Kennedy argues that Smith actually had no invisible-hand theory, pointing out that the phrase appears only three times in Smith’s writings. One scholar believes that Smith’s use of the phrase was a “mildly ironic joke.” (HT: Brad DeLong)’
Comment
Thanks.
‘The Invisible Hand Hoax’ By Freakonomics
‘Adam Smith’s “invisible hand” theory of efficient markets is one of the first lessons taught to young economics students. James Tobin, a Nobel prize-winning economist, once described the theory as “… one of the great ideas of history and one of the most influential.” But in this new paper, Gavin Kennedy argues that Smith actually had no invisible-hand theory, pointing out that the phrase appears only three times in Smith’s writings. One scholar believes that Smith’s use of the phrase was a “mildly ironic joke.” (HT: Brad DeLong)’
Comment
Thanks.
Labels: Invisible Hand
1 Comments:
Professor Kennedy,
This is the article that brought me to your blog. I am interested in economics & finance but only have had micro & macro classes many years ago. Besides reading your blog, Carpe Diem and some others, are there any books that would give a novice a solid foundation so that I can understand the implications of policies that are being considered locally or nationally?
Thank you.
Ed Mac
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