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Monday, October 22, 2012

Sleight of the 'Invisible Hand' - NYTimes.com

Sleight of the 'Invisible Hand' - NYTimes.com:

A very thoughtful piece on the false notion that Adam Smith’s “invisible hand” implies a lack of government intervention.  Rather, he felt that the invisible hand was the unexpected social good from private action made possible by industrious hard-work and proper precedence of the public good in politics.  In other words, he’d probably see Goldman Sachs as a bunch of lazy wastrels.