Loony Tunes no. 91
Mike Hunben posts on Critiques of Libertarianism
(The “what’s new” Blog for the critique of Libertarianism”).
“The invisible hand of the market makes a very good pickpocket.”
Didn't see that one coming, huh
Chris Kjorness, (teaches music at Longwood University in Farmville, Virginia.) 11 February, posts in the Freeman (Foundation For Economics Education; Inspire. Educate Connect) HERE and HERE
“Can't Buy Me Love. The invisible hand behind the Beatles”.
From a high status newsletter [Sorry lost the link!]
“The invisible hand of the "free market" strikes again”
LOS ANGELES (AP) — Comcast Corp. has agreed to buy Time Warner Cable Inc. for $45.2 billion in stock, or $158.82 per share, two people familiar with the matter said late Wednesday
Surely a mistaken perception of how markets work? A player spots an profitable opportunity and buys stock, others may or may not follow the news. The decision to buy or not buy is made by people who have the funds or can borrow them. Their motives are hidden from those whose who observe the price move (or they read about it in a high-status newsletter) or from private sources. Their actions have consequences (the price movement) and those consequences can have “unintended consequences “. Adam Smith’s use of the “invisible hand” metaphor refers to its object – the motives of the persons initiating the price move and to NOT the consequences, which was separate from what led them to act.