NEW REGULAR COLUMN STARTED - NEEDS A TITLE
Avner Offer, emeritus professor of economic history at the University of Oxford, posts (10) 0ctober, Project Syndicate, HERE
“Nobel Economics Versus Social Democrcy”
“Standard economics assumes that society is driven by self-seeking individuals trading in markets, whose choices scale up to an efficient state via the “invisible hand.” But this doctrine is not well founded in either theory or practice: its premises are unrealistic, the models it supports are inconsistent, and the predictions it produces are often wrong.”
I believe that recent posts on the web show signs that the relentless modern tide of nonsense about Adam Smith’s metaphoric use of “an invisible hand” is being challenged by scholars and this is excellent news for Lost Legacy.
So I am starting a new column, title not yet decided, to counter balance my regular ‘Loony Tunes’ column.
Anybody with suggestions to its title is welcome to send it in.