Adam Smith came up with it. It’s also how actual economists use it. Don’t confuse that with how business majors, politicians, and generally peddlers of institutionalised market failure use it, they’re doing the 1984 “war is peace, freedom is slavery” thing.
In the hardcore contemporary literature you’re mostly see more precise language such as perfect competition, (theoretical) situations which are pareto-optimal, which is built on Adam’s rational choice models. The maths became more solid, the idea didn’t change.
And FFS read The Wealth of Nations and see what he thought of monopolists he’d consider our billionaires to be no different than the Kings of old.
lud@lemm.ee 5 days ago
And why should I listen to someone that defines a word differently than everyone else?
barsoap@lemm.ee 5 days ago
Adam Smith came up with it. It’s also how actual economists use it. Don’t confuse that with how business majors, politicians, and generally peddlers of institutionalised market failure use it, they’re doing the 1984 “war is peace, freedom is slavery” thing.
lud@lemm.ee 5 days ago
Can you point to a few examples of economists using it? Obviously I won’t count Lemmy users.
barsoap@lemm.ee 5 days ago
In the hardcore contemporary literature you’re mostly see more precise language such as perfect competition, (theoretical) situations which are pareto-optimal, which is built on Adam’s rational choice models. The maths became more solid, the idea didn’t change.
And FFS read The Wealth of Nations and see what he thought of monopolists he’d consider our billionaires to be no different than the Kings of old.