Tuesday, December 7, 2010


Its so tough sometimes, really. I have been feeling a little poorly all day. And I take time to read some of Adam Smith's (economist) works and I see that I have totally misunderstood him. Well, actually, everyone else did, then they taught it to me. 

"Invisible Hand" - It's so obvious, isn't it? No need for a value system, everyone will be fine as long as they are selfish, and heck, anyone can accomplish that. :)  The invisible hand is really great to have around, it's kind of like "natural selection."  The best survive....  if you like that ugly disused parking lot over there with the mugger behind the bush.  Perhaps the mugger is misunderstood himself. I mean he thought he was only doing his part to be selfish.

Adam Smith actually used the phrase twice in published writings and once in a lecture. All three times he didn't use it the way we have been taught. So, if he only used it twice in his writings, we are talking about 400 page books, could it have been that important to him? And then if you were to find out that he was actually talking about trade balances between nations, the only one of his three usages that comes close to our idea of the great invisible hand of the market, then you might be tempted to give up on concepts or education or at least mine. :)