Friday, March 13, 2009

An Economist Talks Sense

Matthew Benjamin writes at Blomberg.com HERE:

Stiglitz Enabled Obama With Nobel Ideas to Scorn Them (Update 1)”

“Adam Smith’s invisible hand -- the idea that free markets lead to efficiency as if guided by unseen forces -- is invisible, at least in part, because it is not there,” Stiglitz wrote in a 2002 article in The Guardian newspaper.
The idea implies that there’s an important role for government to play in the economy, he wrote
.”

Comment
Well, Stiglitz is on the right track, almost. The invisible hand is not there at all. It’s a mystification of the economic processes of commercial markets in general and state-capitalist markets in particular.

The allocation of resources, production transformations into products and services that are sold in markets, and government expenditures and waste are all explainable without imaginary, invisible body parts, which belong to superstition, mumbo jumbo, and represent the absence of science.

So, good old Stiglitz, I say (for once), and may the readers of Blomberg.com take note.

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3 Comments:

Blogger kevin said...

very informative article. i hope everyone will make most of it.
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Kevin
Drug Intervention Florida

6:00 am  
Blogger Gavin Kennedy said...

Thanks Kevin

12:50 pm  
Blogger ranjeet said...

Drug or alcohol addicted person is very irresponsible. Sharing needles, non protected relation with people that they don’t know, getting disease the individual will suffer for the rest of his life. Also it can bring the individual in to criminal activities that will bring him to spend part of his life in prison as a large percentage of the crimes are directly related to substance abuse. Also it can mean the addicted individual will die due to his life style or his direct use of Drugs. They do not see the “world” as it is. The goal of the intervention is for the person to accept the reality of their substance addiction and to seek the right help. They would to look at those around them as to measure of how right or wrong their behaviors are. People that surround themselves with persons who are caught up in the grasp of substance addiction are not able to see the drastic lengths that their own dependence has come to. Their using “friends” are a duplicate of themselves, leading them to believe that their own actions are acceptable cause the environment accept them. You should never get in to a drugs or alcohol intervention without the full knowledge of what to do. Also get the advice and help of a professional counselor.
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Jack005
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4:28 pm  

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