
Sign up to save your podcasts
Or
Modern economics was built on ideas spelled out by Adam Smith in his 18th-century The Wealth of Nations. But while he used the term only once in that economic treatise, Smith is most remembered for “the invisible hand,” a metaphor Oren Cass says has wrongly been associated with the idea that the pursuit of profit is always socially beneficial and that markets are somehow magically guided by that principal. Cass is the founder and chief economist at American Compass. In this podcast, he says the contortion of Smith’s idea led to a blind faith in markets, whereas “the invisible hand” was about ensuring the alignment between private profit and the public interest.
Transcript: https://bit.ly/3DdWizp
Read the article in Finance and Development: IMF.org/FANDD
4.3
5050 ratings
Modern economics was built on ideas spelled out by Adam Smith in his 18th-century The Wealth of Nations. But while he used the term only once in that economic treatise, Smith is most remembered for “the invisible hand,” a metaphor Oren Cass says has wrongly been associated with the idea that the pursuit of profit is always socially beneficial and that markets are somehow magically guided by that principal. Cass is the founder and chief economist at American Compass. In this podcast, he says the contortion of Smith’s idea led to a blind faith in markets, whereas “the invisible hand” was about ensuring the alignment between private profit and the public interest.
Transcript: https://bit.ly/3DdWizp
Read the article in Finance and Development: IMF.org/FANDD
4,260 Listeners
1,187 Listeners
925 Listeners
207 Listeners
344 Listeners
374 Listeners
314 Listeners
225 Listeners
712 Listeners
2,516 Listeners
77 Listeners
156 Listeners
414 Listeners
139 Listeners
96 Listeners