11 August 2009

This Just In: IBD on Adam Smith

Here is a short article that appeared recently in Investor's Business Daily, entitled "Adam Smith Was on the Money." It cites me briefly toward the end. The article is part of IBD's "Leaders and Success" series.

UPDATE 8/12/09: Gavin Kennedy has an interesting commentary on this IBD editorial at his site, Adam Smith's Lost Legacy, here.

1 comment:

Gavin Kennedy said...

Jim

Yes, it is a refreshingly well written piece on Adam Smith, coming at him from new angles, not normally associated with non-specialists om the media (nor for that matter from some specialists, yourself excepted, in academe).

However, I have one caveat. Jed Graham, the aithor, writes:
"In the first three books of the 900-page tome credited with laying the foundation for modern economics, Smith revealed the "invisible hand" that unites the productive force of self-interested parties for the common good."

This is quite wrong. Smith does to 'reveal' the metaphor of the invisible hand in the 'first three books' of Wealth Of Nations. It appears only once in the whole '900 page tome' in Book IV (WN IV.ii.9. p 456).

However, better some progress towards accuracy than none, a view with which I am sure Smith himself felt comfortable.