Friday, April 28, 2017


Santa Clarita Gazette (satire) (press release) (blog) HERE
Doug’s (Gone for a Week so Gazette Staff Took Over) Rant
Go ahead, trust the invisible hand of competition to employ struggling, single, expectant mothers who need maternity leave.
Akshaya Nath posts (28 April) on Daily Opinion HERE
Not just AIADMK supporters but other parties in the state too feel the involvement of the BJP. “The observations of political analysts show the invisible hand of the Centre in all developments here.
Editorial in MENAFN.COM (28 April) HERE
“Economists split over Turnbull's plan to reserve gas for Australian customers”
“A common theme in many of the arguments of those that disagree with the policy is that the appropriate response to rising gas prices overseas is to let the domestic price rise and firms and households work out the best way to adjust to higher prices – that is, let the 'invisible hand' work,' he said.”
There you have it one: “let the domestic price rise and firms and households work out the best way to adjust to higher prices”. 
Except the authors responsible but this needless advice are no other than the The ESA Monash Forum, which is is a joint initiative between Monash Business School and the Economic Society of Australia’
These purveyors of Paul Samuelson nonsense about “an invisible hand” relate his misunderstanding of Adam Smith’s metaphor as being about relying on prices, the VISIBLE signals in all markets. Yes!
So what does the “invisible hand” supposedly do?
Absolutely nothing! 
It’s a metaphor for the consequences of intended motivated actions of people in MARKETS led by VISIBLE prices.
I now see what Emma Rothschild meant by it being Adam Smith's 'ironic joke'.

The Invisible Hand of Power: An Economic Theory of Gate Keeping (Modern Heterodox Economics)


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