Sunday, December 04, 2011

Adam Dunn Understands Adam Smith on the Invisible Hand Metaphor

Adam E. Dunn, Lincoln, USA in a letter in Journal Star HERE writes of the "one and only time" that "Adam Smith mentions ‘an invisible hand’ is in Book IV, chapter ii, paragraph 9 (page 456) and ir is about Smith’s preference for the 'domestick industry', not ‘wealth”.

Apologies, but the copyright sensitivity of Journal Star is so draconian, if you want to read Adam Dunn’s two short paragraphs, you will have to follow the link.

How right Adam Lincoln is to state it as it is. ‘Tis a pity that more writers do not check what Adam Smith wrote on the invisible-hand for themselves.

Congratulations to Adam Lincoln for getting right what '99 per cent' (to coin a phrase) of academic economists get wrong when attributing the modern versions of the 'invisible hand' to Adam Smith.



Post a Comment

<< Home