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2023-07-11 13:16:25

Aurelius on Nostr: I notice that all teaching about Adam Smith invokes a mythical yearning that ...

I notice that all teaching about Adam Smith invokes a mythical yearning that unrestrained competition will somehow lead to a world of morally relevant economic interactions, rather than to a world of unrestrained monopolies growing ever larger.

Smith’s “invisible hand” was his imagination, and was only used once or twice within his works. His clearer message was about the dangers of monopolies.
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