Friday, March 13, 2009

An Economist Talks Sense

Matthew Benjamin writes at HERE:

Stiglitz Enabled Obama With Nobel Ideas to Scorn Them (Update 1)”

“Adam Smith’s invisible hand -- the idea that free markets lead to efficiency as if guided by unseen forces -- is invisible, at least in part, because it is not there,” Stiglitz wrote in a 2002 article in The Guardian newspaper.
The idea implies that there’s an important role for government to play in the economy, he wrote

Well, Stiglitz is on the right track, almost. The invisible hand is not there at all. It’s a mystification of the economic processes of commercial markets in general and state-capitalist markets in particular.

The allocation of resources, production transformations into products and services that are sold in markets, and government expenditures and waste are all explainable without imaginary, invisible body parts, which belong to superstition, mumbo jumbo, and represent the absence of science.

So, good old Stiglitz, I say (for once), and may the readers of take note.

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