A Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 18 “Conclusion: Still Spinning After All These Years” I have really enjoyed this book because Foster is asking the questions I have had. Why do we bite the Invisible Hand? Why are people not more aware or concerned that…
Tag: Free Market
Why We Bite the Invisible Hand
Keynesianism: Regulating the Free Market to Death
Part 3 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” Just as the bad economy of the 1970s precipitated the end of Keynesianism and the rise of neoclassical economics, the 2008 financial crisis, the…
Why We Bite the Invisible Hand
Free Market Economics Requires Trusting What You Cannot See
Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 9 “The Invisible Metaphor” In the last blog, we examined the meaning of the Invisible Hand metaphor. Now we want to look at several who challenged its ability. Adam Darwin Foster discusses a lecture by…
Why We Bite the Invisible Hand
Rand’s Front Row Seat to the Russian Revolution Created her Commitment to Individualism
Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 5 “The Passion of Ayn Rand” I am not sure how I ended up reading, We the Living, but I am really glad I did. It was the first novel Ayn Rand wrote but it was not…
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
Doing Capitalism inside of Communism
Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 3 “Fears of a Clown: The Golden Arch-Enemy” In the previous blog, Foster showed us how many difficulties McDonald’s faced trying to run a restaurant in Moscow upon making a deal in 1988 when it was still…
Why We Bite the Invisible Hand
McDonald’s Goes to Moscow
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 3 “Fears of a Clown: The Golden Arch-Enemy” Foster turns his attention to a major U.S. company, McDonald’s, that he notes has long been a target of derision from American elites. McDonald’s had long been the Golden…
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
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…