|Authored by: Tyro on Monday, November 05 2012 @ 06:30 PM EST|
|The invisible hand was never as true as "free market" believers would|
you like to think. And the market is not efficient, as some later people have
claimed. It stopped being free when the organization holding the market hired a
couple of thugs to stop you from stealing a pig...because once they had those
thugs, they immediately found other uses for them.
N.B.: This is not meant to imply that you should be free to steal the pig, or
that other means of stopping you were reasonably available. It means that
stabilizing the system has costs.
There *IS* no invisible hand. Adam Smith knew that, he was just using an
attractive metaphor. But unfortunately it was close enough to true to cause
many people to take it seriously. Someone tells them to look at the moon, and
points...and they look at the finger.
[ Reply to This | Parent | # ]