/lit/ - Literature

Recent Econ grad here. Adam Smith was a genius when he wrote the Wealth of Nations for his time period. However, a significant percentage of his ideas are blatantly not factual in the modern economic climate. "The invisible hand" is a clear example (Joseph Stiglitz writes about this). However, I have a more critical critique on the laissez-faire as a whole.

Free-Market Economics is a glorified religion. There is absolutely no such thing as an "economy." It's a made up concept based on money and most of the money doesn't actually exist; it is just debt and equity. The entire system is just based on faith and economists are priests. CEOs are considered to be gods and foreign socialist countries are made out to be demons. I could go into further detail on these ideas if there is interest.

> t- Economic Analyst who reads political theory all day