Tuesday, July 01, 2014

MORE NONSENSE ON STILTS WITH GOLD-LEAF CLUSTERS

Robert H. Frank and Ben S. Bernanke, Principles of Economics, Student Edition. McGraw-Hill. Chapter 7:  
Multiple Choice Quizz HERE 

“Adam Smith's invisible hand theory says that:
A) “the government should act as an invisible hand to ensure the proper allocation of resources in society.”
B) “the market system channels the selfish interests of buyers and sellers so as to promote the most efficient allocation of resources.”
C) “there is no role for the government within market systems.”
D) “the government should promote greater selfishness amongst individual buyers and sellers so as to increase the level of output in society.”

FACTS:

All the possible choices offered are completly wrong.  That this MCQ appears in a Principles course in Economics is a disgrace.  McGraw-Hill have form in publishing libels against Adam Smith’s legacy, from when they first published Paul A. Samuelson’s international best-seller in 1948 (p. 36) and through its 18 editions later to 2010, miseducating several generations on Adam Smith's metaphoric use the "an invisible hand".

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