LOONY TUNES no. 168
Swaroop Swaminathan posts (29 August) in New Indian Express HERE
“No playschool out there in states, despite RTE instructions
In schools where there is a proper system of coaching, other invisible hands act to threaten to alter the ecosystem.“
“There’s No Such Thing as a ‘Free Market”
Capitalism with absolutely no government intervention is a myth — and always was.
The debates leading up to the election this year will no doubt invoke the “American value” of capitalism. But what, exactly, does that mean? And what should it mean?
I’m no economist, but I took a few economics courses while earning an undergraduate business degree. Growing up in a capitalist society, I thought I understood the basic concepts underlying capitalism — free markets, competitive advantage, and so forth.
Then I actually read The Wealth of Nations by Adam Smith, the founding work that described what we call capitalism in the first place. That was a game changer.
We’re all probably familiar with Smith’s ideas at some level.
The market regulates itself, as each of us operates based on our own self-interest. Businesses try to earn profits, and consumers try to meet their needs at the best prices. The market ensures that the demand of consumers is met with supply from business.
The government’s job, the doctrinaire thinking goes, is to get the heck out of the way. It doesn’t set prices or quotas. It just lets the market function.
Adam Smith cast this arrangement in glowing terms in 1776. He was describing England during the Industrial Revolution. He thought it was amazing that millions of individual actors, each operating based on self-interest, could so efficiently revolutionize society without any central planning at all.
Only, he was wrong.”
Jill Richardson is wrong about Adam Smith’s ideas. I see no evidence that she has read Adam Smith’s Wealth of Nations despite har claims to have done so.
Adam Smith knew nothing of what we call ‘capitalism’ - the word itself was first used in 1854 in Thackeray’s ‘The Newcomes’. Moreover, the economic system prevalent in Smith’s times (1723-90) was quite different from what emerged after Smith had died, which was before the ‘Industrial Revolution’ - another term first used long after Smith’s life. Both ‘capitalism’ and the ‘industrial revolution’ occurred in the 19th, not the 18th century.
Editorial (29 September) in the Dallas Morning News HERE
How Dallas has become a middle-management capital
Between financial and professional services, Dallas has become a middle-management capital.
How to keep the momentum going? We trust in the invisible hand of a free market, but it’s also crucial to keep investing in people. A competitive workforce is our greatest competitive edge.
Elizabeth Rayne posts (29 August) in blaster HERE
“The Ten Spookiest Unsolved Mysteries in Space”
“Already haunted by bizarre ghosts and undead stars, it harbors unseen forces that tear at the universe like invisible claws and has covered up astral cannibalism and lunar murder. Investigating scientists have not always been able to make sense of why things appear out of nowhere, disappear into nowhere, happen against astronomical odds, or even exist.”
Peta Tait, a professor of Theatre and Drama, La Trobe University, Australia, posts (29 August, 2016) HERE
“Sequins and symphonies: how opera ran away with the circus”
“Invisible hands seemed to tear at a solo female performer in extreme thrashing, stabbing and writhing until she left, precariously walking on bent toes.”
Shaun Nicols posts (29 August) in The Register HERE
“FAA powers up an invisible hand, groping the skies for rule-busting biz drones”
Abhishek Sharma posts (29 August) in Himalayan Times HERE
“Guided development model: More of a hindrance?”
“The state merely functions as a neutral arbitrator between citizens and private actors who are engaged in economic activity as independent agents with the sole goal of maximizing profit.
The state only intervenes through the judicial channels once there are disputes between private parties related to allocation of economic resources or with respect to the enforcement of contracts.
Economic activity, it was believed, was best left to the discretion of the private sector with only minimal state involvement.
The “invisible hand of the market” would then ensure that the fruits of increased productivity and wealth creation would accrue to all sections of society.”
Follow the link and read a most interesting dismissal of the experience of applying “invisible hand” economics in Nepal.