Sunday, September 20, 2009

Two Errors on Adam Smith

"dakinikat" writes (19 Sept) “Support your new Alphabet Soup Agency” (HERE):

Even Adam Smith, creator of the invisible hand and the term laissez-faire economics, realized the need for government regulation of certain markets.”

Oh, dear!

Two blatant errors, “creator of the invisible hand and the term laissez-faire economics”.

For the “invisible hand” see Lost Legacy (previous post and scores of earlier ones (also read my:

Adam Smith: a moral philosopher and his political economy”, 2008: Palgave Macmillan).

For “laissez-faire economics”, $1000 if “dakinikat” can show that Adam Smith ever used the words “laissez-faire”.

Yes, Adam Smith identified that there were circumstances when there was a need for “government regulation of certain markets”.

Can “dakinikat” show where in Wealth Of Nations he did so? (Hint: in a business sector very much in the news recently).

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