BEARING FALSE WITNESS NEVER BENEFITS LIBERTARIAN INTERESTS
"Adam Smith and Milton Friedman on an Invisible Hand"
Jadranko Brkic posts 18 SEPTEMBER on ‘SIP TV Freedom and Prosperity ’(libertarian network of alternative media in Western Balkans') HERE
"People who intend only to seek their own benefit are led by invisible hand to serve public interest which was no part of their intention." - Adam Smith
"People who intend only to serve public interest are led by invisible hand to private interest which was no part of their intention." - Milton Friedman
The statement attributed to Adam Smith is phoney, i.e., made up.
The statement attributed to Milton Friedman is also invented.
Perhaps both were lost in translation?
Their nonsense is easily exposed.
Protectionists and advocates of tariffs on imports seek to gain from reducing domestic competition and raising prices. Adam Smith was adamant that both tariffs and protection legislation may have benefitted some domestic producers, but certainly did not “serve the public interest” - see his Wealth of Nations, Book IV.
Adam Smith understood that legislaters “seeking to serve” serving the “public interest” could be serving their own interests or the interests of specific groups at the expense of the interests of others (e.g., awarding lawyers monopolies in some specialised activities.
People making false statements do not serve the public interest.