Adam Smith’s negative invisible hand*

🫧 Open on Bubbles Nota bene : I credit my colleague and friend John Alcorn with the phrase “negative invisible hand”. As I mentioned in my previous post, Addition #11 of Adam Smith’s 1784 pamphlet provides many reasons why the herring bounty is a scam. Reason #1 . Opportunity cost . We saw this argument in my previous post. In brief, the true cost of the herring bounty not only includes the actual amount of the subsidy/payout; it must also include the cost of the tax revenue not collected from the duty-free