Wednesday, December 02, 2009

Nonsense About the Invisible Hand Creating Journalism

Tim Luckhurst is taken to task ((1 December)by Tim Worstall HERE :

“Please, go read your Adam Smith again".

Since free trade replaced mercantilism, liberals have recognised that capitalism can do good even if that is not its first objective. The benign force Adam Smith called the “invisible hand” was instrumental in the creation of modern journalism.

As Gavin Kennedy indefatigably continues to point out, the one reference to “invisible hand” in Wealth of Nations is to manufacturers preferring to employ their capital at home rather than in the foreign trade.

An eloquent demolition of the everyday abuse of Adam Smith’s legacy.



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