3 ms·
This is a false assertion (and possibly a straw-man); Adam Smith wrote "The Wealth of Nations" as a study of the way things actually worked, not a thought exper
by nickff 10y ago
This is a false assertion (and possibly a straw-man); Adam Smith wrote "The Wealth of Nations" as a study of the way things actually worked, not a thought experiment. Classical economists (such as Smith) did not assume perfect information, and everyone knows that there is never perfect information.
- mark_edward 10y agoYes, the above poster is thinking of neoclassical economics. Classical economists like Smith, Ricardo, and Marx barely if at all touched on things like perfect information, rationality, or perfect competition. Those are all neoclassical paradigms.