Tuesday, May 01, 2012

Loony Tunes no 45

[NOTICE: I am engaged on two major articles at present for Lost Legacy and they will be published in a day or two]

 New Zealand Herald  David Cunliffe HERE
The government apparently relies on the "invisible hand" of the market to deliver a "brighter future" as if by magic.
Texas Observer HERE 
“Costs skyrocket as forage suppliers—upon whom grass-feeding producers have to rely when grass won't grow—raise rates as high as the invisible hand will allow.”
By Jim Sinclair HERE 
Fear not, the invisible hand has been accumulating both gold and silver into weakness since late 2011.”
“Statistically concentrated readings above 60, either single or clustered, reveals the presence of what is often referred to as the invisible hand on Insights and what Jim recently described as the weak gold policy.”
“This is because the free market system understands that everything must be managed by itself and left the whole thing to the unknown, invisible hand.”


Blogger airth10 said...

What would the invisible hand look like if it could be seen? Would it have five fingers or finger prints? Would it be well manicured? Would it look weathered and have callouses? Would it look young or old? And how about its lifelines?

I am thinking it might be a shaky, nervous hand consider everything it has to juggle.

8:01 pm  
Blogger Paul Walker said...

Cunliffe gets even worse:

"[Milton] Friedman revived a belief in the “invisible hand” of the market. It was a fairy tale that Adam Smith had said a century earlier would automatically deliver the best of all possible economic worlds."

I have pointed out that

"Adam Smith NEVER said that! See, for example, Gavin Kennedy's blog Adam Smith's Lost Legacy for many discussions of what Smith really did say. Let me point out that Smith believed there were many reasons for markets to failure and thus many reasons for government intervention. A partial list would include:"

9:13 am  
Blogger Gavin Kennedy said...


Given the IH cannot be seen because it does not exist, except as a metaphor, which modern economics invented as a concept, variously about markets, prices, supply and demand, and whatever the imagination can invent -and Loony Tunes shows examples every day of the imaginations that can be ridiculous - there is no point speculating about what does not exist.


12:32 pm  
Blogger Gavin Kennedy said...


Well said.


12:33 pm  
Blogger airth10 said...

Gavin: " ....there is no point speculating about what does not exist."

Why not!

And how do you know that anything exists?

1:26 pm  

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