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: Mutual Benefit
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
No Need for Philanthrocapitalism, Serving Others’ Needs Is Already Built into Capitalism
A Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 17 “Bill Gates and the Pitfalls of Philanthrocapitalism” In this chapter, Foster turns his attention to philanthrocapitalism. It is some combination of charity somehow wrapped up in capitalist behavior. The most well-known current example is likely the Bill &…
Why We Bite the Invisible Hand
Do We Want the Government Nudging Us?
Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 12 “Homer Economicus” In the last blog, we explored Foster’s critique of behavioral economics, and now we will see how its incorrect diagnosis of the problems in economics has led to conclusions for more economic…
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
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
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…