Thursday, March 10, 2016
Loony Tunes no. 131
Kevin Carson posts (29 Feb) on Herbal and Natural Remedies for Diabetes HERE
“The Iron Fist behind the Invisible Hand”
CAUTION: he’s selling something (It’s still nonsense, though!).
Peter Clausi posts (1 March) on Investor Intel (‘share knowledge build wealth’) HERE http://investorintel.com/technology-metals-intel/adam-smith-invisibly-steers-this-ship/
“Adam Smith Invisibly Steers this Ship”
“Economic system founded by Adam Smith based on private property, profit, free market and competition”.
Advice: hold onto your money. Don’t believe anything Peter tells you. Run for cover. He is so wrong about Adam Smith (he did not “found capitalism”. Smith died in 1790. The word ‘capitalism, was first used in English in 1854 by Thackery, an author of fiction. And ‘traces” of capitalist relationships go back to Roman times.
“Adam Smith never had a ring on his finger probably cause he had an invisible hand”.
Sunday, March 06, 2016
LOCAL PAPERS PICK UP A DEBATE ABOUT ADAM SMITH
Tom Hall when replying to a Mr Doug Wardwell’s letter of 3 March in “Providence Journal” opines:
“Worst, he [Doug Wardwell) seems unaware that the hero and framer of the laissez-faire system he champions recognized the need for governmental oversight lest the greed and collusion of powerful special interests impair the general welfare. Adam Smith observed in "The Wealth of Nations" that "Protecting every member of society from injustice and oppression necessarily involves such issues as the abolition of slavery, rights of women, regulation of monopoly, and redistribution of income and/or wealth.”
Robert Sandy comments on the above:
“The quote in the letter from Adam Smith's Wealth of Nations, "Protecting every member of society from injustice and oppression necessarily involves such issues as the abolition of slavery, rights of women, regulation of monopoly, and redistribution of income and/or wealth" doesn't appear in that book. One could argue whether any of those sentiments might have been expressed by Smith but the quotation is obviously bogus based on the language. For example, "and/or" is not an 18th century usage….”
I too didn’t recognise the quotation attributed to Adam Smith by Tom Hall. One clear clue was the reference to laissez-faire - words that Smith never used in all of his Work and correspondece. Those words were a 19th-century invention by political writers who assumed that Smith would have used them. Instead, Smith wrote of the quite different ideas implicit in “Natural Liberty”, a conept whose properties were multi-sided to incorporate all human kind.
Laissez-Faire, a French word, from its first use at the end of the 1680s, refered to the one-sided rights for property owners versus government inspectors, in this case to market place merchants, but not to their customers.
In the 19th century merchants and factory owners sought to defend their powers to set labourers wages and their weekly hours of work in the new factory system and also to repeal the Corn Laws so as to reduce their labour costs. Smith’s names was used to imply that he supported these measures.
As for “rights of women” methinks that Tom Hall has jumped from the 18th century forward to the 20th century! So thank goodness that Robert Sandy was able to put him right.
Saturday, March 05, 2016
READ THIS: Trump and the Invisible Hand of Moral Values
George Lakoff, Distinguished Professor of Cognitive Science at Berekley, posts (4 March) The Next Eovlution in Economics HERE
“No One Knows Why Trump Is Winning. Here’s What Cognitive Science Says. The language psychology behind voting”
Worth Reading in full - its too long to précis but will definitely interest readers whatever their politics.
Thursday, March 03, 2016
SIMPLY CHARLY INTERVIEWS LOST LEGACY
I am interviewed (25 February) by Simply Charly on my views on Adam Smith HERE
“Bound by The World Order in Which He Lived:” Gavin Kennedy on Why Adam Smith Was a Realist, Not an Ideologue”
Its a fairly long interview in which I answer several questions put to me by the Editor.
Follow the link above and join the discussion if you have something to say, for or against my answers.
Wednesday, March 02, 2016
Lost Legacy Quoted CY
Sam K Hughes in Avoiding Citation HERE
writes a most welcome report quoting from Lost Legacy: