LOONY TUNES No 146
“America has increased immigration enforcement since the recession but immigrants created more than a quarter of new businesses last year and are twice as likely to make a new business as native-born Americans. I think we owe immigrants a thank you and probably also an apology.”
While agreeing wholeheartedly with author’s positive sentiments on immigration and its benefits for their host county’s economy, I most decidely do not agree with his/her dragging in the well-worrn and over-used “invisible hand” into the narrative.
J C COLLINS posts (30 June) on Cultural Economics free pom HERE
“THE INVISIBLE HAND OF THE DISORGANIZED MASSES AND THE APPLICATION OF PRE-FRENCH REVOLUTION CONDITIONS IN THE MODERN WORLD (FREEPOM)”
“The one common trait which is shared by all demographics is the expression of self-interest. The term “Invisible Hand” was first used by Adam Smith in the lead up years to the French Revolution. The invisible hand described the unintended social benefits of individual actions. It was reasoned that individuals’ efforts to pursue their own interest may frequently benefit society more than if their actions were directly intending to benefit society.
The French population was guided by this invisible hand as the people expressed their self-interest through anger at the French monarchy in 1789.” …
…“The disorganized masses through the ultimate expression of self-interest, as defined by the invisible hand of Adam Smith, will inevitably rise up and overthrow those they perceive as being the cause of the problem.” …
…”Each of our own expressions of self-interest, the invisible hand which is manipulated, is being used against us for a larger purpose.
Tom Toles posts (30 June) in Washington Post HERE
“The elites of our recent free-market golden era gilded age loved the invisible hand.
“The invisible hand (either large or small hands) worked its special magic right up until 2008 when it pulled the lever and the trap door opened and the floor dropped out from under us. The free market textbook said this wouldn’t shouldn’t couldn’t happen. But suddenly the invisible hand was replaced by the invisible immobilizing walking boot, as we’ve hobbled around ever since.”
Jason Hirthler posts (1 JULY) on Counter Punch (‘fearless voice of the American Left’) HERE
“Scottish philosopher Adam Smith famously noted the “invisible hand” of the market that shaped the character of economies near and far. The rightwing neoliberal capitalist movement, dominant in the West since the early Seventies, has turned this phrase into the sacrosanct dictum of its secular religion. All human behavior must be submitted to the “free market.”