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.”
Comments
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).
“Even Adam Smith, creator of the invisible hand and the term laissez-faire economics, realized the need for government regulation of certain markets.”
Comments
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).
Labels: Banking Crisis, Invisible Hand, Laissez-Faire
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