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: Prices
Why We Bite the Invisible Hand
Keynesianism: Why We Think We Can Spend Our Way Out of a Recession
Part 2 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” Continuing on from the previous blog, we will look deeper into Keynesianism in the 20th century and what led to its fall and the…
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
The Need to Unlearn What We “Know” about Economics
Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 8 “Do-It-Yourself Economics” Foster continues in this chapter exploring some of the apparently inborn assumptions we apply to the economy that lead to incorrect conclusions. Much like the do-it-yourself-economics (DIYE) brought up in the previous…