Relevant and even prescient commentary on news, politics and the economy.

Invisible hand and free markets…a reminder

Gavin Kennedy reminds us that handy metaphors used to sell fictions about either free markets or ‘the force’ at work are just that: Smith is a conjecture about the virtues of a free-market economy”, is so absurd as to be embarrassing.  That Adam Smith favoured “a free market economy” is approximately correct.  That he asserted that a […]