Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 11 “The Darwin Wars” In the second half of the chapter, Foster turns to the origin of morality and posits it is not a recent innovation but something that is central to mankind. In the…
Tag: Culture
Why We Bite the Invisible Hand
Sociobiology’s Unity Blinded Its Progress
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 11 “The Darwin Wars” Foster turns this chapter to an examination of the field of sociobiology, where evolutionary biology meets psychology, hoping to find answers to why we carry anti-capitalist views instinctively. Seeking the source…
Why We Bite the Invisible Hand
Keynesianism: The Appeal of a Theory that Empowers Experts
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 10 “The Rise and Fall and Rise of John Maynard Keynes” Foster next turns his attention to John Maynard Keynes, a highly influential economist of the 20th century, because he sees the Keynesian theories that took hold as…
Why We Bite the Invisible Hand
Are We Born to Not Understand Economics?
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 8 “Do-It-Yourself Economics” Foster dives deep into the assumptions he says we carry around unknowingly that cause us to make erroneous judgements about business and economics. He cites work by Steven Pinker in the field of conceptual…
Why We Bite the Invisible Hand
Penning Hypocrisy: Writers Making Money Criticizing Capitalism
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 6 “Tuesdays with Mandeville” Foster is tracing anti-capitalist thought across many writers of the West, and in this chapter he hits one I had not heard of: Bernard Mandeville who was born in 1670 in…
Why We Bite the Invisible Hand
Unveiling the Exasperating Contradictions in Ayn Rand’s Philosophy
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 5 “The Passion of Ayn Rand” I was very young when I first read Ayn Rand. First, I read The Fountainhead and then Atlas Shrugged. I did not know much about anything, but I was intrigued by the idea…
Why We Bite the Invisible Hand
Grave Inequality: Smith’s Final Resting Place Lost to Government Run Obscurity While Marx Generates Profits
Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 2 “The Sage of Kirkcaldy” In the first part of my discussion of this chapter, we looked at what Peter Foster told us about Adam Smith’s life and the developoment of his ideas that we know today…
Why We Bite the Invisible Hand
Adam Smith Would Be Surprised to Learn People Think He Supports Greed
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 2 “The Sage of Kirkcaldy” In this chapter, Peter Foster follows Adam Smith through the years as he developed his ideas that were enshrined in his two books, The Theory of Moral Sentiments in 1759 and The Wealth of Nations in…
Why We Bite the Invisible Hand
Capitalism Needs a PR Team
Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 1 “Cardboard Cut-out Capitalism” Peter Foster notes in his book that capitalism is a word everyone uses, often with negative connotations, but seldom define. (p. 24) Defining capitalism is one of the key sticking points for authors…
Why We Bite the Invisible Hand
Why is Our Culture Hostile to Capitalism?
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 1 “Cardboard Cut-out Capitalism” The title of journalist Peter Foster’s book definitely captured my attention: Why We Bite the Invisible Hand. The invisible hand is a metaphor from Adam Smith that we use in economics to describe how the economy…