MONEY AND EXPERIENCE

“Joann” on Easy Blog posts a Blurb (Feb 15 2014) from the respected publisher, Wiley HERE  http://www.lannexe-divonne.com/component/easyblog/entry/the-invisible-hands-top-hedge-fund-traders-on-bubbles-crashes-and-real-money-download-61.html?Itemid=101

“The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money” by Steven Drobny.

“Smith postulated it is the magic of the invisible hand of a free market that best distributes economic resources and best energizes the people and industry and innovation. Feb 10, 2014:  In his preface to the new edition of The Invisible Hands: Top Hedge Fund Traders on Bubbles, Crashes, and Real Money (Wiley, 2014) Steven Drobny.

Comment

Of course there is always a market in selling books, and ‘confidential insiders’ newsletters from those claiming to be in “the know because of their experience”. The old wisdom postulates that a “man with money meets a man with experience. The man with experience ends up with the money, while the man with the money ends up with the experience”.

A load of gibberish inventively misquoting Adam Smith is no guide to making a fortune listening to "insiders". 

Smith never referred to the “magic of the invisible hand”, nor that there was an “invisible hand of the free market”, and not even that it “best energizes the people and industry and innovation”. These three claims are utterly untrue, though widely believed.

My new essay: “Adam Smith on Self Betterment, the Invisible-Hand, Human Actions, intended and Unintended Consequences”, addresses exactly what Smith said about his use of the "invisible hand" metaphor. It should be available shortly after September/ October.