LOONY TUNES 158

1

Daniel Margrain posts (8 August) THE ROAD TO SOMEWHERE ELSE (The view from the dark side, media, cities & culture) HERE 

‘Socialism for the Rich; the systemic corruption of the British State’

The derision by the elites of ‘big government’ and the favouring of the ‘invisible hand’ is matched by the supposed need to strip the state to a residual government limited to maintaining law and order and contract enforcement.”

2

Prof S N Misra, a former Joint Secretary, Govt of India, posts (9 August) in the New Indian Express HERE 

“It was Adam Smith who wrote in 1776 that “The market forces, as if by the invisible hand, will promote welfare of all”. The liberalisation initiatives in India were predicated on such a free market spirit. India took baby steps in reforming its trade, financial and banking sectors. However, while the overall growth and export records have been encouraging, the agricultural landscape and the social sector have been caught in a quagmire of low productivity and public policy apathy.”

COMMENT

Could Professor Misra please inform us of where exactly did Adam Smith write: “The market forces, as if by the invisible hand, will promote welfare of all”?

The plain fact is that he did not write anything like that. In fact, Smith was discussing something quite different in regard to his only mention of “an invisible hand” in Wealth of Nations (1st edition 1776; 5th and last edition, 1789) Book IV. ii.9. p. 456.)

3

Aditya Mani Jha posts (5 August) on  BLink HERE

“Documenting the invisible hand of genetics”

4

Advert for a ‘downloadable’ essay: (5 July) HERE 

Marc Linder The Dilemmas Of Laissez-faire Population Policy In Capitalist Societies when the invisible hand controls reproduction.” 

5

Response on Wall Street Journal (7 August) to Dr Kocher;s Damascus-Like ACA Conversion

'Promoting a newer, different heavy-handed regulatory approach that “allows” innovation is not recognizing the real problem’.

“Dr. Kocher was one of a few, instead of many, people deciding how the people should make economic decisions. This is the exact opposite of what Adam Smith described as the “invisible hand,” where many people, making the best decisions they can for themselves, lead us all in the most efficient direction and slowly, but surely, improve the world about them.”

Lewis Guignard (Crouse, N.C.) Dayton, Ohio