In yet another example of leftists mis-using Adam Smith, Lee Russ at "watching the watchers" writes,

Adam Smith's famous "invisible hand" purportedly leads all individuals to follow their own self interest in a way that produces the greatest good for all. Just reading that idea leaves me amazed that such a counterintuitive idea has come to be so thoroughly accepted by really smart people, many of whom have really good educations...

1. Smith's Followers Are Among Those Who Misperceive Their Own Self Interest

Many Smith followers are the very people who cannot understand how their own interests are affected by the interests of others. They are the ones that cannot see how a massive increase in poverty in their own country will be bad for them, even though they have millions upon millions of dollars. They are the ones who think that self interest is measured only in the short term, and only in terms of $$ and power.

2. Smith's Followers Frequently Don't Understand Smith

Many Smith lovers simply find his theory a convenient cover for being as selfishly greedy as they feel like being. They are uninterested in what Smith actually thought, only in how they can act as selfishly as possible and still claim to be doing good for the rest of us.

The first point above is clearly nonsense. The second point is often true, but alas Mr. Russ also goes on to demonstrate his own ignorance of Smith's writings.

I was about to send the estimable Gavin Kennedy over at Adam Smith's Lost Legacy a note about this latest outrage, but discovered that he has already commented on his blog here and here.