Part 1 of A Discussion of Thomas D. Simpson’s Capitalism versus Socialism Chapter 2 “Market-Based Systems” If we are going to compare the four economic systems, we need to first define and understand each one of them. This is the chapter that focuses on market-based systems. While the title of the book…
Tag: Invisible Hand
Why We Bite the Invisible Hand
If You Bite the Invisible Hand, It Will Bite Back
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…
Why We Bite the Invisible Hand
Beyond Good Intentions: We Need to Be Saved from the Saviors of Global Salvationism
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 15 “Global Salvationism” In an earlier chapter, Foster refers to the work of economist David Henderson who developed the idea of DIYE, do-it-yourself-economics, which is a compilation of subconscious, erroneous ideas that many people hold…
Why We Bite the Invisible Hand
The Subconscious Source of Morality Is Driving the Culture Wars
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…
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
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
The Problems We Cause Ourselves from Few Seeing the Invisible Hand
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 9 “The Invisible Metaphor” Foster dives deeper in this chapter into the significance of the Invisible Hand metaphor credited to Adam Smith. In this blog, we will concentrate on what is meant by the Invisible Hand, and…
Why We Bite the Invisible Hand
Zero Sum Bias: How Malthusian Thinking Hinders Economic Progress
Part 3 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 8 “Do-It-Yourself Economics” Last blog, I covered how Foster delved into many of the cognitive biases that interfere with our ability to understand modern economics. Now, I want to focus on one cognitive bias I…
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…