Nothing has changed with respect to Adam Smith. I agree with you that, for the most part, and in a normally functioning economy, free markets will result in the furtherance of the good of society (despite disagreement from the person I quoted). However, there's room for exceptions. Tobacco companies proved that you can be massively profitable while doing a public disservice. If it happened before, it can happen again.vanbogle59 wrote: ↑Mon Apr 19, 2021 7:11 pmWell, I'm sure all y'all recall that Adam Smith fella. He thought it was downright amazin that different folks, all workin' for their own personal profit, ended up makin' the world a better place... As if guided by some sort of invisible hand or some such magic.
He thought it was magic then. What's changed?
Also, public perceptions of such companies have shifted in the past, and can shift again. It appears that there's currently a relatively high acceptance of "disservice profiteering", for whatever reasons.
If there's an invisible hand, then the two variables I mentioned in my previous post must be part of that hand, and will continue to be variables.