Thursday, January 26, 2012

Who is Kidding the Good Folks of Nappa Valley?

Bill Dyer writes to Napa Valley Register HERE

"Unchecked free markets risk unfair playing fields"

“Adam Smith believed there is “an invisible hand” that regulates free markets, but we have found that without some fair-minded regulation to level the playing field, we have to watch out for the invisible fingers getting into our wallets.”

What does “an invisible hand” add to our understanding of markets?

Why not try checking very visible prices?

Adam Smith never said anything about “regulating markets”, other than by price competition.

Regulations may be necessary for safety (banking, fire risks, quality stamping, and such like) but these regulations can never be invisible for them to apply, and no "invisible hand" implements of initiates them.



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