Monday, May 22, 2017


Adam Smiths invisible hand in a velvet glove by S. Herbert Frankel, ... Invisible Hand Definition Investopedia Big Three In Economics; Adam Smith, …
Reviving The Invisible Hand: The Case For Classical Liberalism In The Twenty-first Century
The Dilemmas Of Laissez-faire Population Policy In Capitalist Societies: When The Invisible Hand Controls Reproduction |
Three of a daily kind of headline from Russia on the invisible hand in the archives, trawled out by ‘ru’ sources. The headline sources appear to be genuine, which is not the same as saying that the ideas expressed in their headlines are valid. They are part of the western/asian misreading of Adam Smith’s use of a now famous metaphor in Wealth of Nations. 
Plus a late press post received today:
Mao's Invisible Hand: The Political: Foundations of Adaptive Governance in China (Harvard Contemporary China Series)
Advert received this morning:

PDF online The Dilemmas Of Laissez-faire Population Policy In Capitalist Societies
The Dilemmas Of Laissez-faire Population Policy In Capitalist Societies: When The Invisible Hand Controls Reproduction |

Wednesday, May 17, 2017


"Denver's trying to mess with the invisible hand, and the invisible hand is going to smack them." 
"Economics and Ethics: Hayek Get the best online deal for Accepting the Invisible Hand: Market- Based Approaches to Social-. Economic Problems"
"Virtuosity in Business: Invisible Law Guiding the Invisible Hand."
"The Invisible Hand Of Planning: Capitalism, Social Science, And The State In The 1920s" 
Jacob Frommer posts (16 May) on SCRIBE HERE
Why Are Most Kosher Restaurants So Terrible?” 
“Why are kosher restaurants so bad?

More specifically, why do proprietors and their patrons willingly accept gaping inconsistencies in service, food, price and cleanliness? Is it because of the Talmudic laws disallowing competition between Jewish-owned businesses? Does this lack of Adam Smith’s invisible hand encourage kosher restaurants to limp lamely to just above tolerable? Or might kosher dining and its concomitant failures fall on the patrons who refuse to treat the wait staff or their fellow diners with anything approaching civility? Are we too worried about surviving the next Holocaust to say excuse me? Or are we so heady a people that we simply don’t notice taste and ambiance, don’t have time for courtesy and respect of employees and each other?
Stuart Jackson posts (17 May) on Conservative Home HERE
A ‘relative’ cap on the difference between standard variable tariffs and acquisition tariffs, along the lines proposed by John Penrose, could untie Adam Smith’s ‘invisible hand’ in the retail energy market.”

On Language Change: The Invisible Hand In Language


Photo: Gordon Wright, April 2017

Yes, my NEW BOOK, "An Authentic Account of Adam Smith" is with the Palgrave-Macmillan, the publisher and beginning to get on its way, subject to the usual proof corrections, both mine and the publisher's and the usual editorial discussions.

It has dominated my life for several months and while there is more to do before publication, the long hours - 12-hour days - the hard bit of creative writing and personal focus is behind me.

My writing space is a clutter of books used in reference checking and theme creating.  That is to be cleared and tidied up today - domestic orders from the family!

LOST LEGACY is getting back to normal. 

Apologies to those who wrote to me recently without replies. I shall start working though them - soon!

Saturday, May 13, 2017


My days and late nights are fully taken-up just now with preparing my new book for the publisher's deadline of the 15th May.
 I hope to get back to normal later this week.
Despite 12 hour writing shifts, final progress is slow as I reconcile references with text.

Monday, May 08, 2017


Virtuosity in Business: Invisible Law Guiding
the Invisible Hand by Kevin T. Jackson (27-
Oct-2011) Hardcover
“Guiding The Invisible Hand: Economic Liberalism And The State In Latin American History”
Paradoxes Of Political Ethics: From Dirty Hands To The Invisible Hand ... the invisible hand / John M. Parrish ... of political responsibility shape and ...
Antony Last
zaThe 'invisible hand' of economic growth – transformation has become an important topic of debate in South …
Outlook First

“Adam Smith called it the invisible hand: you do something for yourself, and if you succeed you are actually promoting a social interest.”

Tuesday, May 02, 2017


Mungo MacCallum posts (1 May) on ECHO NET DAILY HERE
Even as he prepared to remove the velvet glove from his iron fist, Malcolm Turnbull spoke more in sorrow than in anger : ‘the market is not working as it should,’ he mourned.
But this was, like so many of his lawyerly assertions, at best a half truth. As Turnbull, a businessman and a banker – a graduate from Goldman Sachs no less—must know, the market was working precisely as it was meant to.
The gas producers saw a better price and latched on to it. This was text book supply and demand: if there was a shortage of gas available for all, the highest bidders got what was around.
Certainly there were unexpected consequences when a glut of the stuff forced international prices down while the domestic buyers were stuck with soaring costs to secure whatever was left, but hey, that’s just Adam Smith’s invisible hand at work, or perhaps more of a rapacious, grasping talon, a predator red in tooth and claw.”
Mungo MacCallum sports that Aussie predilection for using somewhat coarse language to express themselves. 
At base, Mungo’s idea of the “invisible hand” as a “rapacious, grasping talon, a predator red in tooth and claw” is typical of Aussie bar-talk used to shock first-year students from up-tight communities in the suburbs into loosening up.

There is no invisible hand in the market. Just VISIBLE prices. That’s how markets operate.

Monday, May 01, 2017


John Cassar White published today (1May) in The Times of Malta HERE
“Business students of my generation may recall the scanty training we received in the art of business negotiations. I remember distinctly the amusing bestseller business book, entitled Everything is Negotiable by Gavin Kennedy, a practical guide on how to negotiate the best deals. The EU and Britain must be honing their negotiating strategies in the next few weeks to create the best chance of achieving their objectives.”
Fair takes me back to my old day-job at Edinburgh Business School, Heriot-Watt University, and my business, Negotiate Ltd, now owned and run by my daughter, Florence Kennedy Rowlands: 
+44 (0131) 445 1545, 4 Winton Grove, Edinburgh, EH10 7AS Scotland, UK

My book, Everything is Negotiable! is still in print for practitioners, as is ‘Kennedy on Negotiation’, Routledge, 2017, for academic teachers of Negotiation theories and practitioners.

Sunday, April 30, 2017


Mark Anderson posts (29 April) on Stirring the Pot (different perspectives on public policy) HERE
The concept is simple.  Markets, through the magic of the “invisible hand,” will serve society well because markets invariably weed out all kinds of bad behavior and reward good behavior.  We do not need to worry about worker safety or consumer product safety because markets will punish firms that behave badly.  If a company has too many worker accidents or causes too many illnesses the market will punish it by forcing the firm to have to pay higher wages to attract workers.  So firms will protect workers to keep wage rates lower.  Likewise, firms selling unsafe or defective products are punished in the market because buyers will learn to buy from other firms.  One of the candidates for the job of Food and Drug Administration Administrator in the new administration has argued that the FDA should not require firms to prove that new pharmaceuticals are actually effective in treating disease.  The drug market will sort that out, penalizing firms with ineffective products and rewarding firms whose products actually do what they are supposed to do.  (Thankfully, he did not get the FDA appointment.)
Put the extreme case for something and you can prove anything. Of course, you can tell what’s coming with the assertion: 
Markets though  the magic of the “invisible hand,” will serve society well because markets invariably weed out all kinds of bad behavior and reward good behavior.’
The real problem is that there there is no ‘invisible hand’. 
Adam Smith has been misread and the fantasy world that passes for modern economics among modern economists does not exist and Adam Smith never said it did.

And that is the real problem. Using a misread sentence to justify all kinds of behaviour is bound to lead to tragedy or farce, or both.