Krugman and Delong Take the First Steps?
Serdar, who describes himself as “an independent SF and fantasy author, technology journalist, and freelance contemplator for how SF can be made into something more than just a way to blow stuff up”, posts HERE
“Paul Krugman and Brad DeLong were not the first folks to point out that Adam Smith's notions of the "invisible hand" have been misquoted and used drastically out of context. Smith was making an argument against the idea that you can, in DeLong's words, "make your country wealthier by imposing tariffs and other restrictions on imports". Not, as so commonly claimed, that the market as a whole is a rational actor, because it's plain it isn't — and neither are the individuals who participate in it. If it were all so rational, then finance would be more akin to a well-supported computer program that only occasionally hiccups, and not the rollercoaster of risk- and profit-taking we're all too familiar with.”
“Serdar” starts off well, but then goes somewhat off track. His opening message is a sign, perhaps, of better clarity to come. That opening is much closer to historical accuracy than the usual misrepresentation of Smith’s use of the IH metaphor.
I am not so sure that Paul Krugman and Brad Delong are quite up to Lost Legacy speed on the misuse of the IH metaphor. But every small sign that the misuse is challenged is a step forward.