TODAY"S INVISIBLE HAND NO 8

1

Mariah Brown posts (26 May) on the Invisible Hand blog HERE

“Based in New York, the Invisible Hand is an economics blog targeted towards millennials. We offer lightning fast reports on key U.S. market indicators.”

“Americans Ditch Food Places to Dine-In”

2

Minhaaj Rehman posts on PT (Pakistan Today)

“Beyond the budget What do we really need?”

“The invisible hand of Adam Smith, as acclaimed as it is, has failed to explain the fiascos of trade liberalisation. In third world countries like ours where law sides with the powerful, litigation stands no chance against the monopolistic cult.”

COMMENT

Minjaaj Rehman tells a sorry tale both historically and economically. Watt Tyler gets a look in, but not the usual nonsense about Adam Smith’s invisible hand. 

There is no invisible hand in the terms wrongly asserted by Paul Samuelson in 1948 and the 19 editions of his book that followed and is now widely disseminated by most modern economists.  Samuelson’s invisible hand is a myth. It does not exist beyond the very limited terms enunciated by Adam Smith in 1776.

My new book, An Authentic Account of Adam Smith, forthcoming from Palgrave-Macmillan, explains all about the most successful blunder by Modern Economists, following Paul Samuelsom, 1948, who erected an enormous myth out of a simple metaphor to mislead and misinform generations of otherwise highly intellegent experts. 

The motivated actions of individuals have consequences, some benign and, we must not forget, some malign, of which the latter were a prominent target of Adam Smith amongst “merchants and manufactures” and by governments influenced by them.