Wednesday, December 25, 2013

Loony Tunes no 88

“Haynes on Fire” posts (4 December) HERE 
"Biting the Invisible Hand"
 “For the two of you who have yet to figure it out, HAYNES on FIRE fully subscribes to the Invisible Hand Theory, as so eloquently developed by Adam Smith in his magnum opus, The Wealth of Nations.  Therein, Smith advances the now-novel idea that producers should be free to individually control all aspects of production (including wages) in bringing their products to the marketplace.”
GK: “Haynes” should cool down and give his imagination a rest.  In Smith’s day employers had everything stacked against their labourers in the matter of wages.  Labourers could not meet even to discuss their wages, let alone agree to take action, or even demonstrate in support of higher wages.  Such activity breached the Combination Acts and resulted in jail sentences, even transportation to the colonies.  No such laws existed against employers combining with other employers to resist pay rises or to agree to cut wages. Local Magistrates from the same social grouping as local employers set many legal wage rates.  Adam Smith commented on this situation and attacked the hypocrisy in his “magnum opus” – "Haynes on fire" should know that.
Noel Butler, football (soccer) reporter, 12 September, reports on Sir Alex Ferguson, recently retired Manager of Manchester United: Butler: Fergie's ghost past looms large for Man United for TSN News (Canada) HERE 
The last time a Scotsman made headline news like this was back in 1776. That time, Adam Smith and something about an Invisible Hand ruled the waves.”
Lpw CountryBuch posts on O-Zone Forum HERE 
 “The invisible hand is more patient in its work than regulators, & when it's finished, it does not suffer fools lightly*.”
Anon writes on Xbox 360 Achievements: HERE 
 "I cannot return to the Invisible Hand"


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