http://blognetbiz.com/econ/ BlogNetBiz.com » Econ » Adam Smith's Lost Legacy Gregarius 0.5.4 en http://adamsmithslostlegacy.com/2007/11/unavoidably-absent-until-wednesday.html Tue, 13 Nov 2007 02:19:00 -0500 http://adamsmithslostlegacy.com/2007/11/unavoidably-absent-until-wednesday.html
Apologies, but when the medics get hold of you, there is no choice!

I'll get an insight into the National Health Service, which from some [...] ]]> http://adamsmithslostlegacy.com/2007/11/was-galbraith-good-historian.html Mon, 12 Nov 2007 04:57:00 -0500 http://adamsmithslostlegacy.com/2007/11/was-galbraith-good-historian.html here Carol V. Hamilton asks: ‘Is David Brooks a Good Historian?’ (11 November):

“In his New York Times columns, David Brooks often makes confident, if glancing, references to American and European history and historical figures. Too often these allusions are problematic, closer to received ideas [...] ]]> http://adamsmithslostlegacy.com/2007/11/did-elizabethan-guilds-promote-general.html Sun, 11 Nov 2007 15:09:00 -0500 http://adamsmithslostlegacy.com/2007/11/did-elizabethan-guilds-promote-general.html here).

Its author (unnamed) does a fairly convincing job on the emergence of labour from [...] ]]> http://adamsmithslostlegacy.com/2007/11/silly-sunday-story-on-adam-smith-no-5.html Sun, 11 Nov 2007 12:03:00 -0500 http://adamsmithslostlegacy.com/2007/11/silly-sunday-story-on-adam-smith-no-5.html here offers a quotation by William Gibson on the invisible hand:

“They Just Emerge"

"Not Necessarily Relevant Quote of the Week:

We don't legislate emergent technologies into existence. We almost never do. They just emerge, dragged forth by Adam Smith's invisible hand. Then we [...] ]]> http://adamsmithslostlegacy.com/2007/11/invisible-handcuffs.html Sat, 10 Nov 2007 11:00:00 -0500 http://adamsmithslostlegacy.com/2007/11/invisible-handcuffs.html
I met him at George Mason University this year, catching a paper he delivered to the [...] ]]> http://adamsmithslostlegacy.com/2007/11/invisible-hand-no-371.html Sat, 10 Nov 2007 08:50:00 -0500 http://adamsmithslostlegacy.com/2007/11/invisible-hand-no-371.html here. “Hogs at the Trough, or Pigs in Space”

‘But now that we live in an age where, largely, industries are founded by financiers looking to make a [...] ]]> http://adamsmithslostlegacy.com/2007/11/invisible-hand-no-370.html Sat, 10 Nov 2007 08:35:00 -0500 http://adamsmithslostlegacy.com/2007/11/invisible-hand-no-370.html here) I find:

'Trower' is a Republican running against John Murtha in Pennsylvania's 12th congressional district. From his site: ‘I am a Conservative. … I believe prosperity is best ensured by what [...] ]]> http://adamsmithslostlegacy.com/2007/11/british-tories-seize-initiative-on-adam.html Thu, 08 Nov 2007 14:47:00 -0500 http://adamsmithslostlegacy.com/2007/11/british-tories-seize-initiative-on-adam.html Back to Central Government” (here)
and also on Conservative Home(here)
“Cameron takes Tory message of social justice to Labour heartlands”

"The co-op movement has generally been associated with the political left," he will say.

"I [...] ]]> http://adamsmithslostlegacy.com/2007/11/adam-smiths-tone-was-not-indifferent-to.html Thu, 08 Nov 2007 14:30:00 -0500 http://adamsmithslostlegacy.com/2007/11/adam-smiths-tone-was-not-indifferent-to.html
The expiration of the current Trade Adjustment Assistance program at the end of this year is an ideal opportunity to sunset a misguided [...] ]]> http://adamsmithslostlegacy.com/2007/11/adam-smiths-support-for-progressive.html Thu, 08 Nov 2007 13:52:00 -0500 http://adamsmithslostlegacy.com/2007/11/adam-smiths-support-for-progressive.html here) on progressive taxation and quotes Adam Smith’s Wealth Of Nations:

“Some of the knee-jerk commentary in response to my paper has been about what an ideal, or fair, tax system should really look like. These people question progressive taxation. [...] ]]> http://adamsmithslostlegacy.com/2007/11/californian-resident-and-adam-smith.html Tue, 06 Nov 2007 17:44:00 -0500 http://adamsmithslostlegacy.com/2007/11/californian-resident-and-adam-smith.html here) asserts:

“Adam Smith, the economist who is often cited to justify free market economics, said that self interest was best served by human sympathy. He equated moral [...] ]]> http://adamsmithslostlegacy.com/2007/11/beverleyhills-resident-on-adam-smith.html Tue, 06 Nov 2007 17:21:00 -0500 http://adamsmithslostlegacy.com/2007/11/beverleyhills-resident-on-adam-smith.html here) asserts:

“Adam Smith, the economist who is often cited to justify free market economics, said that self interest was best served by human sympathy. He equated moral [...] ]]> http://adamsmithslostlegacy.com/2007/11/invisible-hand-no-369_05.html Mon, 05 Nov 2007 18:16:00 -0500 http://adamsmithslostlegacy.com/2007/11/invisible-hand-no-369_05.html
“One of the great pleasures of being an editorial writer is participating in editorial board meetings, where we meet with newsmakers, intellectuals and other interesting people or groups. The topics are varied [...] ]]> http://adamsmithslostlegacy.com/2007/11/why-china-did-not-industrialise-first.html Sun, 04 Nov 2007 14:41:00 -0500 http://adamsmithslostlegacy.com/2007/11/why-china-did-not-industrialise-first.html
In The Bayesian Heresy (3 November)(here)

There is an interview with Joel Mokyr [...] ]]> http://adamsmithslostlegacy.com/2007/11/adam-smith-on-moral-dilemma.html Sun, 04 Nov 2007 12:03:00 -0500 http://adamsmithslostlegacy.com/2007/11/adam-smith-on-moral-dilemma.html here), which analyses a modern moral dilemma to test Adam Smith’s views in Moral Sentiments(1759).

The moral dilemma Jason discusses arose from the discovery by two shepherds in Afghanistan of a Seal patrol searching to apprehend [...] ]]> http://adamsmithslostlegacy.com/2007/11/property-rights-do-matter-for.html Sun, 04 Nov 2007 11:17:00 -0500 http://adamsmithslostlegacy.com/2007/11/property-rights-do-matter-for.html here:

“The question "why do some countries prosper while others lag behind?" has animated the research interest of economists since Adam Smith. [...] ]]> http://adamsmithslostlegacy.com/2007/11/beyond-comment.html Fri, 02 Nov 2007 17:24:00 -0400 http://adamsmithslostlegacy.com/2007/11/beyond-comment.html here:

"Thank Boomers for Buffing Up Brain Market"

“The next time someone complains about the baby boomers' obsession with youth, a good response would be to evoke Adam Smith. Remind them that self-interest in [...] ]]> http://adamsmithslostlegacy.com/2007/11/slowly-and-gradually-poor-world.html Fri, 02 Nov 2007 10:30:00 -0400 http://adamsmithslostlegacy.com/2007/11/slowly-and-gradually-poor-world.html here):

“In praise of sweatshops: Oldie but goodie”, quoting Paul Krugman, New York Times:

“On the opponents of globalization:

When the movement gets [...] ]]> http://adamsmithslostlegacy.com/2007/11/remark-on-adam-smith-and-specialisation.html Fri, 02 Nov 2007 05:35:00 -0400 http://adamsmithslostlegacy.com/2007/11/remark-on-adam-smith-and-specialisation.html here):

“Homeschooling and Economics” and makes a passing remark to Adam Smith (via the estimable) Dr. Boudreaux who “provides an excellent analysis here. We've learned that specialization is very beneficial (as he says, going all the [...] ]]> http://adamsmithslostlegacy.com/2007/11/myth-of-invisisble-hand-no-368.html Thu, 01 Nov 2007 11:53:00 -0400 http://adamsmithslostlegacy.com/2007/11/myth-of-invisisble-hand-no-368.html here) which manages to be half-right on some things, correct on a few others, and woefully wrong on his main theme.

“The critics of the concept of sustainable development and [...] ]]> http://adamsmithslostlegacy.com/2007/11/adam-smith-manuscript-arrives-for.html Thu, 01 Nov 2007 04:02:00 -0400 http://adamsmithslostlegacy.com/2007/11/adam-smith-manuscript-arrives-for.html
Two factors intervened: one, I have received the editor's copy of the manuscript in the 'Great Thinkers' series for Palgrave and have been responding on my online version, plus editing to reduce the wordage; hopefully, by repetitions, and sloppy sentences and not [...] ]]> http://adamsmithslostlegacy.com/2007/10/mark-hodak-sumarises-our-differences-as.html Sun, 28 Oct 2007 17:31:00 -0400 http://adamsmithslostlegacy.com/2007/10/mark-hodak-sumarises-our-differences-as.html [...] ]]> http://adamsmithslostlegacy.com/2007/10/debate-continues-long-post.html Sun, 28 Oct 2007 08:52:00 -0400 http://adamsmithslostlegacy.com/2007/10/debate-continues-long-post.html
"The basic difference rested on whether joint-stock companies or any companies in fact, co-partnerys or regulated, were made monopolies or not. This seems to be lost on you."

How, then, do you read this statement:

"It is upon this account that joint-stock companies for [...] ]]> http://adamsmithslostlegacy.com/2007/10/mark-hodaks-on-adam-smith-debate-begins.html Sat, 27 Oct 2007 10:03:00 -0400 http://adamsmithslostlegacy.com/2007/10/mark-hodaks-on-adam-smith-debate-begins.html
Mark Hodak writes:

"Gavin,

I don't think that the article you're critiquing is the one I wrote. I don't [...] ]]> http://adamsmithslostlegacy.com/2007/10/mark-hodaks-fantasy-folly-about-adam.html Fri, 26 Oct 2007 06:10:00 -0400 http://adamsmithslostlegacy.com/2007/10/mark-hodaks-fantasy-folly-about-adam.html Mark Hodak asserts:

“Were Adam Smith alive today, he'd be an activist hedge fund manager or a private equity raider. He had a decidedly pessimistic view about corporations. Most businesses of his day were proprietorships or [...] ]]> http://adamsmithslostlegacy.com/2007/10/if-only-modern-economists-would-read.html Thu, 25 Oct 2007 17:42:00 -0400 http://adamsmithslostlegacy.com/2007/10/if-only-modern-economists-would-read.html here)
Jacob Katz Cogan writes: “Petersmann: Constitutionalism and the Regulation of International Markets”, which contains this paragraph:

“Since Adam Smith, economists increasingly acknowledge these interdependencies between economic, legal and social order, for example between the economic objective of promoting consumer welfare through [...] ]]> http://adamsmithslostlegacy.com/2007/10/neat-tutoring-aid-on-evolution-of.html Thu, 25 Oct 2007 17:22:00 -0400 http://adamsmithslostlegacy.com/2007/10/neat-tutoring-aid-on-evolution-of.html here) the author, Roger Costello, has drawn a most interesting flow diagram of “Mankind’s journey from hunter-gatherers to coins as the instrument for doing commerce”, based he says on Adam Smith’s Wealth Of Nations and Jared Diamond’s Guns, Germs, and Steel.

I could quibble about [...] ]]> http://adamsmithslostlegacy.com/2007/10/abortion-debates-and-adam-smith.html Thu, 25 Oct 2007 16:34:00 -0400 http://adamsmithslostlegacy.com/2007/10/abortion-debates-and-adam-smith.html here:

“Looking at the abortion debate, the most interesting thing about it is that it denotes I think the basis for most modern moral judgements. The basis for most people's morality it seems to me from this [...] ]]> http://adamsmithslostlegacy.com/2007/10/context-is-important-when-quoting-adam.html Thu, 25 Oct 2007 04:27:00 -0400 http://adamsmithslostlegacy.com/2007/10/context-is-important-when-quoting-adam.html Blog carries this post (24 October):

"Who Pays the Dollars that Finance Bush's War? More on a Fair Tax Burden”

In his discussion of war finance he states (legitimately):

“If we’re serious about national defense – as well as all the other things we [...] ]]> http://adamsmithslostlegacy.com/2007/10/person-moans-in-coutnry-that-at-least-5.html Wed, 24 Oct 2007 17:16:00 -0400 http://adamsmithslostlegacy.com/2007/10/person-moans-in-coutnry-that-at-least-5.html here: “Praying mantis”:

“The dominant ideology... which will be with us for a long time: indeed, till we all are dead... is defined by free market mechanisms. [...] ]]> http://adamsmithslostlegacy.com/2007/10/adam-smith-on-necessities-and-luxuries.html Tue, 23 Oct 2007 04:49:00 -0400 http://adamsmithslostlegacy.com/2007/10/adam-smith-on-necessities-and-luxuries.html here:

“Quote of the Day- Adam Smith in 21st Century” by Marshall Jevons.

“Under necessaries, therefore, I comprehend[,] not only those things which nature, but those things which the established [...] ]]> http://adamsmithslostlegacy.com/2007/10/when-quoting-someones-views-make-sure.html Mon, 22 Oct 2007 11:52:00 -0400 http://adamsmithslostlegacy.com/2007/10/when-quoting-someones-views-make-sure.html
“A Gathering of the Clans...
Economic historians, historians of economic thought, practitioners of political economy, and others are painting themselves blue with woad and practicing with staves after reading Stanford's David Kennedy's [...] ]]> http://adamsmithslostlegacy.com/2007/10/absolute-nonsense-on-digg-about-adam.html Mon, 22 Oct 2007 11:14:00 -0400 http://adamsmithslostlegacy.com/2007/10/absolute-nonsense-on-digg-about-adam.html here) I found this in my in-box:

“The Economics Nobel: Giving Adam Smith a Helping Hand”

"Scottish philosopher Adam Smith asserted that when everyone acts out of self-interest, everyone will eventually benefit, as if a benevolent "invisible hand" molds the economy. Economists [...] ]]> http://adamsmithslostlegacy.com/2007/10/excellent-post-by-david-warsh-on.html Mon, 22 Oct 2007 05:22:00 -0400 http://adamsmithslostlegacy.com/2007/10/excellent-post-by-david-warsh-on.html [...] ]]> http://adamsmithslostlegacy.com/2007/10/is-david-kennedy-stupidist-man-alive.html Sun, 21 Oct 2007 06:14:00 -0400 http://adamsmithslostlegacy.com/2007/10/is-david-kennedy-stupidist-man-alive.html
Brad Delong, [...] ]]> http://adamsmithslostlegacy.com/2007/10/capitalist-competition-is-better-for.html Sat, 20 Oct 2007 15:47:00 -0400 http://adamsmithslostlegacy.com/2007/10/capitalist-competition-is-better-for.html Under the title, ‘The damn book pile is too high already...’, ‘Prometheus 6's blog (all respect and no restraint)’, quotes an excerpt (here) from a New York Times review of Robert B. Reich’s ‘Supercapitalism: The transformation of Business, Democracy, and Everyday [...] ]]> http://adamsmithslostlegacy.com/2007/10/lost-legacy-cited-on-inheritance-tax.html Sat, 20 Oct 2007 12:14:00 -0400 http://adamsmithslostlegacy.com/2007/10/lost-legacy-cited-on-inheritance-tax.html
The Adam Smith Institute (London) operates one of the larger economics [...] ]]> http://adamsmithslostlegacy.com/2007/10/benvolent-invisible-hands-are.html Fri, 19 Oct 2007 04:58:00 -0400 http://adamsmithslostlegacy.com/2007/10/benvolent-invisible-hands-are.html here):

“Scottish philosopher Adam Smith asserted that when everyone acts out of self-interest, everyone will eventually benefit, as if a benevolent "invisible hand" molds the economy. Economists now know that [...] ]]> http://adamsmithslostlegacy.com/2007/10/disengenuous-defence-of-inheritance-tax.html Thu, 18 Oct 2007 10:39:00 -0400 http://adamsmithslostlegacy.com/2007/10/disengenuous-defence-of-inheritance-tax.html
“Listen to Adam Smith: inheritance tax is good” (Spectator, 17 October):

“To meet the criteria of ‘evident justice and utility’, Adam Smith supported a tax [...] ]]> http://adamsmithslostlegacy.com/2007/10/rare-mention-of-adam-smith-that-is.html Thu, 18 Oct 2007 10:07:00 -0400 http://adamsmithslostlegacy.com/2007/10/rare-mention-of-adam-smith-that-is.html here): ‘Who’s Afraid of Free Trade?’ and includes the following:

“Few things are better for economic growth than free trade. Adam Smith demonstrated the mutual benefit of trade with his famous example of the brewer, butcher, and baker. The butcher has [...] ]]> http://adamsmithslostlegacy.com/2007/10/authentic-adam-smith-at-tueaday-club.html Wed, 17 Oct 2007 04:52:00 -0400 http://adamsmithslostlegacy.com/2007/10/authentic-adam-smith-at-tueaday-club.html
[...] ]]> http://adamsmithslostlegacy.com/2007/10/maynard-keynes-would-have-benefited.html Sun, 14 Oct 2007 07:46:00 -0400 http://adamsmithslostlegacy.com/2007/10/maynard-keynes-would-have-benefited.html [...] ]]> http://adamsmithslostlegacy.com/2007/10/confusion-in-church.html Sat, 13 Oct 2007 12:44:00 -0400 http://adamsmithslostlegacy.com/2007/10/confusion-in-church.html By Rt Rev. Duncan M. Gray III, writes in the Jackson Clarion Ledger (here):

“However, the guiding principle in the efficiency and efficacy of our culture's way of doing things is the "invisible hand" of Adam Smith's capitalism and not [...] ]]> http://adamsmithslostlegacy.com/2007/10/new-book-on-keynes-pleases-me-but-wont.html Sat, 13 Oct 2007 09:33:00 -0400 http://adamsmithslostlegacy.com/2007/10/new-book-on-keynes-pleases-me-but-wont.html
I have read the first three chapters and it promises to be a controversial [...] ]]> http://adamsmithslostlegacy.com/2007/10/my-nobel-prize-suggestion.html Fri, 12 Oct 2007 03:12:00 -0400 http://adamsmithslostlegacy.com/2007/10/my-nobel-prize-suggestion.html
There’s much angst among the Blogs with the usual suspects predicted to be in the running.

Greg Mankiw, a leading Blogger, Harvard Professor, author of one of (if not the [...] ]]> http://adamsmithslostlegacy.com/2007/10/now-we-have-invisible-fist-as-buddy.html Fri, 12 Oct 2007 01:06:00 -0400 http://adamsmithslostlegacy.com/2007/10/now-we-have-invisible-fist-as-buddy.html here)
presents a paragraph for what I hope is purely for rhetorical effect and not because he believes in invisible body parts, much as ancient savages and educated religious people believed in invisible gods:

“The Invisible Fist of the Market”

“Free markets avoid [...] ]]> http://adamsmithslostlegacy.com/2007/10/david-kellys-heresy-spreads-adam-smith.html Fri, 12 Oct 2007 00:22:00 -0400 http://adamsmithslostlegacy.com/2007/10/david-kellys-heresy-spreads-adam-smith.html here) reproduces ‘The Heroes Of Capitalism’ by David Kelly (described as a ‘philosopher’, which might explain his elementary confusion of Bernard Mandeville (1724) with Adam Smith):

‘In an article that appeared in yesterday’s Wall Street Journal, but only became [...] ]]> http://adamsmithslostlegacy.com/2007/10/post-that-presents-adam-smith-as-he.html Fri, 12 Oct 2007 00:16:00 -0400 http://adamsmithslostlegacy.com/2007/10/post-that-presents-adam-smith-as-he.html [...] ]]> http://adamsmithslostlegacy.com/2007/10/classic-example-of-re-writing-of-adam.html Thu, 11 Oct 2007 16:05:00 -0400 http://adamsmithslostlegacy.com/2007/10/classic-example-of-re-writing-of-adam.html here) and the following caught my eye:

“Adam Smith published Wealth of Nations [...] ]]> http://adamsmithslostlegacy.com/2007/10/adam-smith-ideas-are-not-represented-in.html Thu, 11 Oct 2007 12:44:00 -0400 http://adamsmithslostlegacy.com/2007/10/adam-smith-ideas-are-not-represented-in.html
The article was written by Mr. David Kelley, author of "A Life of One's Own: [...] ]]> http://adamsmithslostlegacy.com/2007/10/call-for-help.html Wed, 10 Oct 2007 11:07:00 -0400 http://adamsmithslostlegacy.com/2007/10/call-for-help.html
A tantalising extract from an article in today's Wall Street Journal is blocked by subscription and I wonder if any reader has access to it who can send it to me?

"Capitalist Heroes
Wall Street Journal - USA
... [...] ]]> http://adamsmithslostlegacy.com/2007/10/new-book-on-19th-century-mercantile.html Tue, 09 Oct 2007 15:07:00 -0400 http://adamsmithslostlegacy.com/2007/10/new-book-on-19th-century-mercantile.html
‘John V.C. Nye debunks the conventional wisdom that Britain was a free-trade [...] ]]> http://adamsmithslostlegacy.com/2007/10/conservative-reviews-gregory-clarks.html Tue, 09 Oct 2007 05:19:00 -0400 http://adamsmithslostlegacy.com/2007/10/conservative-reviews-gregory-clarks.html here) 8 October:

‘A Farewell To Alms: Why Did The Industrial Revolution Happen Where It Did?’

‘In the process, Clark offers a stunning rebuke to economists:

"God clearly created the laws of the economic world [...] ]]> http://adamsmithslostlegacy.com/2007/10/kirk-hamiltons-perspective-on.html Mon, 08 Oct 2007 09:57:00 -0400 http://adamsmithslostlegacy.com/2007/10/kirk-hamiltons-perspective-on.html here 8 October carries and important [...] ]]> http://adamsmithslostlegacy.com/2007/10/john-nash-did-not-invert-adam-smith-on.html Mon, 08 Oct 2007 09:01:00 -0400 http://adamsmithslostlegacy.com/2007/10/john-nash-did-not-invert-adam-smith-on.html here:

“Adam Smith posited that self-interest [...] ]]> http://adamsmithslostlegacy.com/2007/10/are-lists-worth-the-ego-that-feeds-them.html Sun, 07 Oct 2007 13:45:00 -0400 http://adamsmithslostlegacy.com/2007/10/are-lists-worth-the-ego-that-feeds-them.html here)

Lost Legacy has been placed at: ‘67’ and is described as: ‘Adam Smith’s Lost Legacy: This blog discusses the legacy of Scottish political economist Adam Smith’.

[...] ]]> http://adamsmithslostlegacy.com/2007/10/en-route-for-edinburgh.html Sat, 06 Oct 2007 02:50:00 -0400 http://adamsmithslostlegacy.com/2007/10/en-route-for-edinburgh.html
Inevitably, [...] ]]> http://adamsmithslostlegacy.com/2007/10/wikipedia-is-not-good-source-for.html Wed, 03 Oct 2007 11:50:00 -0400 http://adamsmithslostlegacy.com/2007/10/wikipedia-is-not-good-source-for.html here). I read it with interest because I remember those years well [...] ]]> http://adamsmithslostlegacy.com/2007/10/reuters-chief-tom-glocer-on-alan.html Tue, 02 Oct 2007 05:50:00 -0400 http://adamsmithslostlegacy.com/2007/10/reuters-chief-tom-glocer-on-alan.html here: “Alan Greenspan and Adam Smith”:

“In a private chat after the event [opened by Prime Minister Gordon Brown], I had the chance to explore further with Dr. Greenspan the observation he made during his formal remarks that after [...] ]]> http://adamsmithslostlegacy.com/2007/10/chicago-glen-smith-confuses-chicago.html Mon, 01 Oct 2007 15:45:00 -0400 http://adamsmithslostlegacy.com/2007/10/chicago-glen-smith-confuses-chicago.html here: (‘PROGRESSIVE BOOKS, MOVIES, AND MUSIC- FOR PROGRESSIVES, BY PROGRESSIVES, ON BUZZFLASH’) at BuzzFlash – Chicago), gives us this harmless nonsense:

“Would you tell them that once upon a time there was [...] ]]> http://adamsmithslostlegacy.com/2007/10/adam-smiths-central-role-for-justice.html Mon, 01 Oct 2007 10:35:00 -0400 http://adamsmithslostlegacy.com/2007/10/adam-smiths-central-role-for-justice.html here) there is an article, ‘On Intellectual Property and Copyright, Pt. II’, reporting ‘an exchange between Meg Galipault and Stuart Bernstein on intellectual property and copyright issues’, conducted during the summer months of 2007.

It includes this statement by [...] ]]> http://adamsmithslostlegacy.com/2007/10/gregory-clark-acknowledges-that-adam.html Mon, 01 Oct 2007 06:42:00 -0400 http://adamsmithslostlegacy.com/2007/10/gregory-clark-acknowledges-that-adam.html [...] ]]> http://adamsmithslostlegacy.com/2007/09/apologies-to-stevie-joe-but-hes-still.html Sun, 30 Sep 2007 10:05:00 -0400 http://adamsmithslostlegacy.com/2007/09/apologies-to-stevie-joe-but-hes-still.html [...] ]]> http://adamsmithslostlegacy.com/2007/09/impressive-interview-with-gregory-clark.html Sun, 30 Sep 2007 05:11:00 -0400 http://adamsmithslostlegacy.com/2007/09/impressive-interview-with-gregory-clark.html here) to the Intrepid Liberal Journal, 29 September, and explains the themes of his thesis from ‘A Farewell to Alms’ (Princeton University Press, 2007) in clear language for all. It is an impressive performance. I give a selected paragraph relating to Adam [...] ]]> http://adamsmithslostlegacy.com/2007/09/bryan-caplan-on-invisible-hands-and.html Sat, 29 Sep 2007 12:54:00 -0400 http://adamsmithslostlegacy.com/2007/09/bryan-caplan-on-invisible-hands-and.html here:
It’s called: “The Four Boneheaded Biases of Stupid Voters (and we’re all stupid voters)” and you will get a lot out of [...] ]]> http://adamsmithslostlegacy.com/2007/09/misleading-quotation-exposes-ignorance.html Sat, 29 Sep 2007 05:23:00 -0400 http://adamsmithslostlegacy.com/2007/09/misleading-quotation-exposes-ignorance.html
So Shawn Fremstad writing in the Blog, Inclusion (‘independent progressive new’) today has a [...] ]]> http://adamsmithslostlegacy.com/2007/09/apologies-for-absence.html Thu, 27 Sep 2007 11:55:00 -0400 http://adamsmithslostlegacy.com/2007/09/apologies-for-absence.html
HOPEFULLY,I SHALL RETURN TO LOST LEGACY TOMORROW, FRIDAY.

SEVERAL ITEMS FOR COMMENT ARE BACKED UP.

APOLOGIES ALL ROUND

GAVIN [...] ]]> http://adamsmithslostlegacy.com/2007/09/more-myths-about-adam-smith.html Mon, 24 Sep 2007 15:21:00 -0400 http://adamsmithslostlegacy.com/2007/09/more-myths-about-adam-smith.html
“The final quarter of the 18th century was the launching pad for the industrial revolution. That phase witnessed battles between handlooms and powerlooms. The triumph of machine was facilitated by many factors, crucial being the intellectual umbrella hoisted by Adam [...] ]]> http://adamsmithslostlegacy.com/2007/09/ancient-chinese-thinkers-on-liberty.html Mon, 24 Sep 2007 03:03:00 -0400 http://adamsmithslostlegacy.com/2007/09/ancient-chinese-thinkers-on-liberty.html
“Lao-tzu, thought to have been an older contemporary of Confucius, may have been the first libertarian. In the Tao Te Ching ("The Classic of the Way [...] ]]> http://adamsmithslostlegacy.com/2007/09/bryan-caplan-summarises-his-critique-of.html Sun, 23 Sep 2007 16:04:00 -0400 http://adamsmithslostlegacy.com/2007/09/bryan-caplan-summarises-his-critique-of.html
You should read his critique (here)

I commented on EconLog and I append my comments (on [...] ]]> http://adamsmithslostlegacy.com/2007/09/why-i-criticise-misattributions-on.html Sat, 22 Sep 2007 10:58:00 -0400 http://adamsmithslostlegacy.com/2007/09/why-i-criticise-misattributions-on.html [...] ]]> http://adamsmithslostlegacy.com/2007/09/belief-in-invisible-hands-belittle-adam.html Sat, 22 Sep 2007 06:34:00 -0400 http://adamsmithslostlegacy.com/2007/09/belief-in-invisible-hands-belittle-adam.html
“Passage to India: Adam Smith in a [...] ]]> http://adamsmithslostlegacy.com/2007/09/greenspan-is-not-second-coming-of-adam.html Sat, 22 Sep 2007 04:40:00 -0400 http://adamsmithslostlegacy.com/2007/09/greenspan-is-not-second-coming-of-adam.html
“Greenspan is the Adam Smith of our time. He believes in the "invisible hand" that guides free markets and leads to greater economic growth and wealth for those willing [...] ]]> http://adamsmithslostlegacy.com/2007/09/did-adam-smith-denounce-division-of.html Fri, 21 Sep 2007 08:20:00 -0400 http://adamsmithslostlegacy.com/2007/09/did-adam-smith-denounce-division-of.html here) I came across this contribution from ‘Princeps’:

“While I've read some of Adam Smith's Wealth of nations, I haven't quite gotten to a [...] ]]> http://adamsmithslostlegacy.com/2007/09/great-news-from-canberra-for-history-of.html Fri, 21 Sep 2007 02:10:00 -0400 http://adamsmithslostlegacy.com/2007/09/great-news-from-canberra-for-history-of.html
This was regarded by scholars in these fields as an appalling misjudgement on the part of ASB. [...] ]]> http://adamsmithslostlegacy.com/2007/09/labour-mp-quits-aussie-parliament.html Wed, 19 Sep 2007 09:44:00 -0400 http://adamsmithslostlegacy.com/2007/09/labour-mp-quits-aussie-parliament.html
“The contemporary position of many governments, including this one, is that Adam Smith’s ‘invisible hand’ should be allowed almost unfettered [...] ]]> http://adamsmithslostlegacy.com/2007/09/can-government-funded-enterprise.html Wed, 19 Sep 2007 02:32:00 -0400 http://adamsmithslostlegacy.com/2007/09/can-government-funded-enterprise.html [...] ]]> http://adamsmithslostlegacy.com/2007/09/10000-for-script-idea-but-is-it-good.html Tue, 18 Sep 2007 17:01:00 -0400 http://adamsmithslostlegacy.com/2007/09/10000-for-script-idea-but-is-it-good.html
America's Future Foundation, which supports development of young, free-market-minded leaders, is sponsoring a contest for the best college (graduate and [...] ]]> http://adamsmithslostlegacy.com/2007/09/whichever-adam-smith-alan-greenspan-now.html Tue, 18 Sep 2007 04:28:00 -0400 http://adamsmithslostlegacy.com/2007/09/whichever-adam-smith-alan-greenspan-now.html
‘The acolyte of Ayn Rand believed market capitalism was ordained to triumph in the 20th century because it spoke to human strivings in a way that collectivism [...] ]]> http://adamsmithslostlegacy.com/2007/09/libertarian-on-adam-smith.html Mon, 17 Sep 2007 16:15:00 -0400 http://adamsmithslostlegacy.com/2007/09/libertarian-on-adam-smith.html here) there is an article “On the Art of Writing and Science” (the author is not identified), much of which I would probably be sympathetic to, except for these two paragraphs:

“When Adam Smith wrote about the division of labor and how the [...] ]]> http://adamsmithslostlegacy.com/2007/09/somebody-called-karry-kudlow-on-adam.html Mon, 17 Sep 2007 15:42:00 -0400 http://adamsmithslostlegacy.com/2007/09/somebody-called-karry-kudlow-on-adam.html here:

"But the real hero of the last couple of decades is undoubtedly the triumph of free-market capitalism around the world. Krishna Guha of the Financial Times is the [...] ]]> http://adamsmithslostlegacy.com/2007/09/adam-smith-was-interested-and.html Mon, 17 Sep 2007 15:18:00 -0400 http://adamsmithslostlegacy.com/2007/09/adam-smith-was-interested-and.html ‘Internet is growing in China’ (written by EditorsChoice, 16 September)

‘Adam Smith, the Scottish economist and philosopher from the 18th century, who wrote the ‘Wealth of Nations’ and is considered the father of capitalism, [...] ]]> http://adamsmithslostlegacy.com/2007/09/darwinian-conservative-joins-debate-on.html Sat, 15 Sep 2007 08:25:00 -0400 http://adamsmithslostlegacy.com/2007/09/darwinian-conservative-joins-debate-on.html here.

“My interest in the book comes from its Darwinian theory of the Industrial Revolution.

"Explaining why the Industrial Revolution emerged first in [...] ]]> http://adamsmithslostlegacy.com/2007/09/dont-mention-utopia.html Fri, 14 Sep 2007 04:43:00 -0400 http://adamsmithslostlegacy.com/2007/09/dont-mention-utopia.html
‘Nation States change in a cosmopolitan world’:

“In the intellectual movement of the Scottish enlightenment during the late 18 century, [...] ]]> http://adamsmithslostlegacy.com/2007/09/why-did-industrial-revolution-occur-in.html Thu, 13 Sep 2007 04:34:00 -0400 http://adamsmithslostlegacy.com/2007/09/why-did-industrial-revolution-occur-in.html
“In one part of the UK, Scotland, the events around the tail-end of Scotland being an independent country from the ‘Glorious Revolution’ of 1688 did have a profound effect, directly related to the catholic-protestant divide (and the divide within the protestant church). [...] ]]> http://adamsmithslostlegacy.com/2007/09/conclusions-on-gregory-clarks-farewell.html Wed, 12 Sep 2007 12:25:00 -0400 http://adamsmithslostlegacy.com/2007/09/conclusions-on-gregory-clarks-farewell.html here).

The four chapters are not as comprehensive a conclusion as I was looking for; perhaps reading it in sections over three weeks (so much else intrudes!) is not [...] ]]> http://adamsmithslostlegacy.com/2007/09/mandeville-is-not-safe-guide-to-adam.html Wed, 12 Sep 2007 04:10:00 -0400 http://adamsmithslostlegacy.com/2007/09/mandeville-is-not-safe-guide-to-adam.html
"Bernard Mandeville in the Fable of the Bees took on this impression. Mandeville argued that private vice makes public virtue. He suggested that it was our immoral appetites, our selfish desires that came [...] ]]> http://adamsmithslostlegacy.com/2007/09/septembers-lost-legacy-prize-for-hannah.html Tue, 11 Sep 2007 11:11:00 -0400 http://adamsmithslostlegacy.com/2007/09/septembers-lost-legacy-prize-for-hannah.html
“RE THE RECENT criticism of op-ed writer Hannah Miller":

Hannah Miller volunteers her time to make democracy work. She is no socialist. She [...] ]]> http://adamsmithslostlegacy.com/2007/09/adam-smiths-views-of-exchange-value.html Mon, 10 Sep 2007 16:05:00 -0400 http://adamsmithslostlegacy.com/2007/09/adam-smiths-views-of-exchange-value.html
Gavin,
What does "capital" have to do with theory of value?

My answer:

When discussing Adam Smith on his theories of value I address what he wrote and not value theory since the mid-18th century. Smith wrote [...] ]]> http://adamsmithslostlegacy.com/2007/09/week-end-debate-on-adam-smith.html Mon, 10 Sep 2007 08:04:00 -0400 http://adamsmithslostlegacy.com/2007/09/week-end-debate-on-adam-smith.html
"In chapter three [WN II.iii.1: page 330] one can find another quote that supports my interpretation of Smith's: "Thus the labour of a manufacturer adds, generally, to the value of the materials which he works upon, that of his own [...] ]]> http://adamsmithslostlegacy.com/2007/09/rich-landlords-could-do-no-other.html Mon, 10 Sep 2007 06:47:00 -0400 http://adamsmithslostlegacy.com/2007/09/rich-landlords-could-do-no-other.html here (9 September):

"THE UNKNOWN ADAM SMITH
It's obviously unrealistic, but Smith did believe in a more equitable distribution of wealth and thought it would occur naturally.

From his The Theory of Moral Sentiments, ed. by Knud Haakonssen, pp. [...] ]]> http://adamsmithslostlegacy.com/2007/09/only-in-california-tagging-employees.html Sun, 09 Sep 2007 03:53:00 -0400 http://adamsmithslostlegacy.com/2007/09/only-in-california-tagging-employees.html
“Posted by ScuttleMonkey on 3rd September
from the not-quite-cattle-yet dept.:

InternetVoting writes "California has passed a bill banning companies from requiring employees to have RFID chips surgically implanted. Already one company has been licensed by the federal government, implanting more [...] ]]> http://adamsmithslostlegacy.com/2007/09/flattering-but-wrong-attribution-of.html Sun, 09 Sep 2007 02:01:00 -0400 http://adamsmithslostlegacy.com/2007/09/flattering-but-wrong-attribution-of.html
‘Bad Samaritans’ by Alan Moore (a co-author with Tomin T. Ahonen of
“Communities Dominate Brands” quotes a piece on his blog (here)

“America's greatest treasury secretary, Alexander Hamilton, met an untimely death in [...] ]]> http://adamsmithslostlegacy.com/2007/09/silly-saturday-stories-on-adam-smith-no.html Sat, 08 Sep 2007 04:06:00 -0400 http://adamsmithslostlegacy.com/2007/09/silly-saturday-stories-on-adam-smith-no.html
‘Western industrial civilization has basically bought into the models of "economic prosperity", which have been taught in economics classrooms. The prevailing models of economics [...] ]]> http://adamsmithslostlegacy.com/2007/09/repeated-denials-and-doctoring.html Fri, 07 Sep 2007 11:36:00 -0400 http://adamsmithslostlegacy.com/2007/09/repeated-denials-and-doctoring.html
"altogether different, are regulated by quite different principles, and bear no proportion to the quantity, the hardship, or the ingenuity of this supposed labour of [...] ]]> http://adamsmithslostlegacy.com/2007/09/book-your-final-seminar-debate-next.html Fri, 07 Sep 2007 05:00:00 -0400 http://adamsmithslostlegacy.com/2007/09/book-your-final-seminar-debate-next.html here)
will host the last debate on Gregory Clark’s ‘A Farewell to Alms’ (Princeton University Press) on Wednesday next, 13 August. Tyler states: ‘I've been very happy with the experiment and we'll do another one; it is important to do just the right [...] ]]> http://adamsmithslostlegacy.com/2007/09/claims-of-adam-smiths-monumental-error.html Fri, 07 Sep 2007 04:20:00 -0400 http://adamsmithslostlegacy.com/2007/09/claims-of-adam-smiths-monumental-error.html here.

First the statement of the ‘monumental’ and ‘grave error:

‘Adam Smith and Karl Marx's basic and monumental (in consequences) error'

Juan Fernando Carpio writes:

“What could these two thinkers, considered to be opposites, have [...] ]]> http://adamsmithslostlegacy.com/2007/09/gregory-clark-responds-to-comments-on.html Thu, 06 Sep 2007 10:56:00 -0400 http://adamsmithslostlegacy.com/2007/09/gregory-clark-responds-to-comments-on.html here.

Gregory Clark responds to my earlier efforts:

“I do not want to debate Gavin Kennedy on intellectual history (that would be like me challenging Roger Federer to a tennis [...] ]]> http://adamsmithslostlegacy.com/2007/09/long-post-on-important-subject-for-all.html Thu, 06 Sep 2007 04:05:00 -0400 http://adamsmithslostlegacy.com/2007/09/long-post-on-important-subject-for-all.html
Please read the correspondence below and, if you agree with the comments from Sandra Peart, President of the History of Economics Society (and its most distinguished list of co-signatories among economists), send supporting email/letter with your comments to Dr. Brett (address included in the correspondence).
[...] ]]> http://adamsmithslostlegacy.com/2007/09/latest-from-debate-on-farewell-to-alms.html Wed, 05 Sep 2007 05:15:00 -0400 http://adamsmithslostlegacy.com/2007/09/latest-from-debate-on-farewell-to-alms.html
Gregory Clark coments on my contributions:

'Smith is all about Smithian Growth in the millenia leading to 1776 - the expansion of the economy by reducing the impediments to trade, and thus extending the [...] ]]>