LOONY TUNES no. 128

1

Yahoo Answers HERE 

“Where does the invisible hand meets the iron foot?” (sic)

2

Sir Ronald Cohen posts (17 February) on The Chartered Management Institute, “The Enthralling Rise of the Purpose-Driven Enterprise” HERE

“With the advent of the social impact bond, the thinking began to reverse, I think in a really fundamental way; so fundamental that if Adam Smith were around today, he’d be talking not just about the invisible hand of markets but the invisible heart of markets.”

COMMENT

Adam Smith NEVER mentioned, let alone talked about, the “invisible hand of markets”. That is an invention of modern economists, particularly since Paul Samuelson (1948), which has become a religous belief in the profession and in the general media. Deriving the “invisible heart of markets” from a myth is truly sad and ignorant.

3

Michael E. Miller reports (16 February) HERE In the Hamilton Spectator how Justin Keller, a ‘tech Bro’, manages to grossly offend large numbers of homeless, addicted and otherwise not at all like the middle-class other citizens of San Francisco.

“Internet explodes after S.F. ‘tech bro’ calls homeless ‘riff raff’

After comparing San Francisco's streets to a stock market, where "the wealthy working people have earned their right to live in the city," Keller begins to grapple out loud with the question of why Adam Smith's invisible hand hasn't already swept the homeless to somewhere else, out of sight.”