Adam Smith, the Prophet of Profit

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16 pointspepys3 comments

Homey just made up bartering as the norm in history. Had some good ideas but also some pretty dumb and fantastical claims that lead to some very misguided ideas as well. Dude was just clueless on money and credit.

Later to be debunked by Karl Marx. Invisible Hand my ass.

hardly, they both put stock to some extent in the LTV although it wasn't named when Adam Smith remarked on how intrinsic value is derived.

Though in practice we can see all around us the disbursement of the invisible hand in the allocation and distribution of resources, his misstep was failing to recognize and fully explore the theory of marginality despite touching on it.

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