Sunday, September 15, 2013

Wishfull Thinking?

Toward Formal Models of the Theoretical Framework of Fundamental Economics,” Fundamenta Informaticae, 90(4), 443-459” [Wang, 2009]:

A mathematical model of economic equilibrium developed in this paper provides a formal proof of Adam Smith's hypothesis of the 'invisible hand'.

Adam Smith did not have a “hypothesis” of “the invisible hand”, therefore Wang’s, no doubt, brilliant “formal proof”, that he did is empty of relevance and meaning.  Marginal candidate for Loony Tunes?


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