DeLong Smackdown Watch for June 20, 2010: Gavin Kennedy on Adam Smith and the Industrial Revolution

Gavin Kennedy:

Adam Smith's Lost Legacy: Brad Delong on Karl Marx and Adam Smith: Smart modern economists [like DeLong:], with the full panoply of research tools available to them on their desktops, blame Smith for not being aware, or worse, deliberately ignoring, the ‘many signs’ of what became known as the ‘industrial revolution’. They ignore the evident facts that a single local large manufacturer (Carron Iron, near Falkirk), mainly casting iron products using known technology, did not...