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How the Chicago School Changed the Meaning of Adam Smith’s ‘Invisible Hand’
- viburnum 8y agoViner (at Chicago but predating the Chicago boys) made a list of Smith’s views that were contrary to laissez-faire. My favorite is “Encouragement of ‘the frequency and gaiety of publick diversions,’” which was meant to discourage people from being attracted to joyless Puritanism. He advocated for regulation and public investments in health and education (which are also found in the Communist Manifesto). http://adamsmithslostlegacy.blogspot.com/2009/02/adam-smith-not-advocate-of-laissez.html http://adamsmithslostlegacy.blogspot.com/2009/02/adam-smith-... The “invisible hand” reference I know from WoN is just referring to investors generally preferring to invest in their own country (home nation bias).
- ncmncm 8y agoWe could call Chicago School's thing the Invisible Boot.