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> In the Adam Smith/Ayn Rand fantasy of money and the invisible hand, markets are a form of Artificial Intelligence. Don't equate Adam Smith and Ayn Rand. Ada
by nabla9 5y ago
> In the Adam Smith/Ayn Rand fantasy of money and the invisible hand, markets are a form of Artificial Intelligence.
Don't equate Adam Smith and Ayn Rand.
Adam Smith was not a free market fundamentalist. Adam Smith has unnecessarily bad reputation because he is quoted very selectively. Adam Smith was aware of negative and positive externalities.
- kranke155 5y agoTrue. I think the current usage is sort of a blend of the two though, to justify market maximalism.