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View Diary: Return of the Invisible Hand (35 comments)

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  •  Smith liked his "invisible hand" metaphor, and (3+ / 0-)

    used it in Theory of Moral Sentiments as well as Wealth of Nations-- but in the sense of the cunning of history (that even selfish aims could be made to serve social good). He did not mean that the market was infallible and its every action an indubitable social good.

    If they actually read Smith (but of course they never will) our Teabaggers and Paulistas would be shocked to learn that Smith saw public education as a necessity, believed that business owners should pay a fair share of taxes, cautioned against monopoly, and saw greed as corrosive of social morality.

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