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Gavin Kennedy — Lost Legacies Stance of the Invisible Hand Is Endorsed

Summary:
Weekend reading. Michael Emmett Brady, California State University, published in the Social Science Research Network (SSRN) he takes giant steps to demolishing Samuelson’s myth. Michael Emmett Brady writes the most significant contribution to the invsisible-hand debate since 1948: “Who Taught Paul Samuelson the Myth of the “Invisible Hand” at the University of Chicago? The most likely answer is Jacob Viner or fellow student George Stigler” .  Its author takes the invisible-hand debate onto another level. Brady’s paper is available free via: https://ssrn.com/abstract=3078415 I highly recommend that readers visit the SSRN web site and read Michael Brady’s paper.There is no substitute for reading Michael Emmett Brady’s relatively short paper. It would be invidious for me to attempt to

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Weekend reading.
Michael Emmett Brady, California State University, published in the Social Science Research Network (SSRN) he takes giant steps to demolishing Samuelson’s myth. Michael Emmett Brady writes the most significant contribution to the invsisible-hand debate since 1948:
“Who Taught Paul Samuelson the Myth of the “Invisible Hand” at the University of Chicago? The most likely answer is Jacob Viner or fellow student George Stigler” .
 Its author takes the invisible-hand debate onto another level. Brady’s paper is available free via: https://ssrn.com/abstract=3078415
I highly recommend that readers visit the SSRN web site and read Michael Brady’s paper.There is no substitute for reading Michael Emmett Brady’s relatively short paper. It would be invidious for me to attempt to summarise that which is down-loadable in full from SSRN. I shall quote from Brady’s thoughtful contribution below, but I urge readers to follow his whole argument from its SSRN original….
The paper is 24 pages and an easy read.

Adam Smith's Lost Legacy
Lost Legacies Stance of the Invisible Hand Is Endorsed
Gavin Kennedy | Professor Emeritus, Heriot Watt University

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

One comment

  1. Mike
    Thank you for your helpful publicity for Michael Brady’s thoughtful statements of the modern (post-Samuelson) myths about Adam Smith’s use of the invisible hand metaphor. This issue is of great importance in 20-17 economic thought. The entire profession of modern economists has been misled by apparent support for the untenable proposition os Adam Smith believing that market economics are led by an invisible hand which does not explain anything and which he never said it did.
    Every economic action has consequences for good or ill. If you employ labour for wages, they spend them (aggregate demand rises) or save part of them (aggregate savings rise) and either consequences occur whatever the prior intentions of the initial actors. These unintentional actions occur naturally.So thanks again.

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