LOONY TUNES no. 178
Tyler Cowen, a Bloomberg View columnist, and professor of economics at George Mason University, posts and writes for the blog Marginal Revolution. His books include “Average Is Over: Powering America Beyond the Age of the Great Stagnation.” posts HERE
Puzzled About Republicans and Trump? Game Theory Helps”
“In “other words, the Republicans have been on the wrong side of game-theory logic twice, first in delaying their opposition and then later in enacting it. Those are hardly examples of getting Adam Smith’s “invisible hand” metaphor to work in their favor.”
THE COLLEGIATE STAFF of Grand Rapids College Student Newspaper posts (11 October) HERE
“Brewster’s, foodies, aspiring game designers, digital animators and chefs have been served by the partnership between FSU and GRCC for 25 years. What the next 25 will bring only the invisible hand of the market will reveal, hopefully no terminators, but if it terminates as well as Art and Bev’s makes a burger I am sure it will be a painless affair.”
Congratulations on your 25 years.
But forget what the “the invisible hand of the market will reveal”. It will reveal nothing. It doesn’t exist. Adam Smith never said it did. Modern economists, like Paul Samuelson, promoted the false idea from misreading Adam Smith from 1948 in the first edition of his highly successful textbook, Economics, and its following 19 editions.
What the market will bring over the bext 25 years is an account of markets based on their VISIBLE prices - no market can work without visible prices - that’s all we need.
Tim Winton posts (14 October) in The Guardian newwspaper
“Tim Winton on class and neoliberalism: 'We're not citizens but economic players”
“…The market doesn’t care about people, Winton argues, and neither is there any genius in it. “There’s no invisible hand,” he says. “And if there is one, it’s scratching its arse. …”
[Note: Tim is an Australian, a country well known for its often robust, if lyrical, use of language.]