"An idea is always older than its name. The idea of cybernetics was used implicitly by the French physiologist, Claude Bernard, in 1878. The scottish physicist, Clerk Maxwell, also used it in 1868 in developing the theory of the steam-engine governor. But long before both of them Adam Smith had just as clearly used the idea in his The Wealth of Nations (1776). The "invisible hand" that regulates prices to a nicety is clearly this idea. In a free market, says Smith in effect, prices are regulated by negative feedback."
Adam Smith

January 1, 1970

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