Monday, February 21, 2011

Most Ridiculous Statement of 2011 (so far)?

Mike Stones, 21 February, writes this piece (the name of the publication is not clear) (HERE):

“Arab Revolt underlines the need for action to remedy high food prices”

Those food shortages, aggravated by the drive towards energy crops and increasing urbanization, will drive the price of food inexorably upward.

That means we can no longer trust Adam Smith’s “the invisible hand” of free market forces to regulate food markets. In the 21st century, the consequences of failure are simply too great to tolerate.”

Perhaps a prize could be won by Mike Stones for the most ridiculous statement (so far) of 2011.

Apart from the usual nonsense about ‘Adam Smith’s “the invisible hand” of free market forces’ (well documented regularly on Lost Legacy) as a myth in relation to Adam Smith, (who said no such thing), for Mike Stones, the author of the article, to assert that world agriculture is akin to “free markets” when it is probably the most regulated, distorted and government controlled “market” should it ever warrant such a term as a "market", let alone the adjective “free” in the same sentence, is plainly ridiculous.

Moreover, the implication that even more regulations in the world of agriculture are needed is beyond absurd – it’s lunacy.

Labels: ,


Post a Comment

<< Home