Monday, September 05, 2011

Very Short Post

This is a very short post and comment caused by the extremely limited original post (HERE):

“adam smith laissez faire,”

‘Alan Greenspan argues that, while Smith did not coin the term laissez-faire, yquot ;it was left to Adam Smith to identify the more-general set of principles that ...”

Not only did he not ‘coin the term laissez-faire’ – he never used it either.

Greenspan is revising much of what he told his us in the past – including his partial rejection of his former firm belief in ‘an invisible hand’ - and a good place to start his revision – if that is what it is – of laissez-faire as taught in economics is to read Jacob Viner’s essay on Adam Smith and laissez-faire, published in 1927 and available, at least second-hand, in an Augustus Kelly edition (try Google and Amazon).

Until I see Greenspan’s statement in full, I cannot comment further on this issue.

[Any reader who can get hold on a copy, I would be most obliged if they can provide one to me.]



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