Adam Smith scholar and biographer Gavin Kennedy further exposes the myth of "the invisible hand" originated by Paul Samuelson, after which it went viral. Those who have fallen victim to it are likely exculpable since it is not their business to know the fine points. But economists? It's their field. What is their excuse?
Adam Smith's Lost Legacy
Gavin Kennedy | Professor Emeritus, Heriot Watt University
Tom Hickey: The other day I started reading Peshine Smith's book "A Manual of Political Economy" and if I understand the preface correctly he says that Adam Smith's followers, especially Malthus, distorted his work. Could you tell me if that is a correct understanding? If that is the case, then most of what we hear about Adam Smith may be propaganda.
ReplyDeleteBeyond my ability other than with respect to later misinterpretations of "the invisible hand," and I got that critique from reading Gavin Kennedy's blog. I suggest posing the question to him over at there.
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