Appeal to Adam Smith is almost always an argument from authority, a logical fallacy. Moreover, the citation of this authority is usually wrong. It's actually a reference to Paul Samuelson rather than Smith.
Adam Smith's Lost Legacy
Gavin Kennedy | Professor Emeritus, Heriot Watt University
"Economics is often considered the “Dismay Science” because of its enduring focus on the competition for scarce resources"
ReplyDeleteWe are in CONSTANT surplus....
Surplusnomics to the rescue.
ReplyDeleteWell gold and silver are scarce...
ReplyDeleteShould be: "the competition for scarce gold by trading surplus product for it..."
ReplyDelete