Part 2 of A Discussion of Thomas D. Simpson’s Capitalism versus Socialism Chapter 1 “Pillars of Economic Systems” Last blog, I introduced the four pillars and the four economic systems they define. Now, Simpson is looking to the Bible for any direction for answering the four pillars. Pillar 1: Who Owns Property It…
Tag: Wealth
Why We Bite the Invisible Hand
Corporate Social Responsibility Is Irresponsible
Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 15 “Global Salvationism” Foster is flipping a popular narrative about the problem of big business on its head in this part of the chapter. Such fears have led to calls for Corporate Social Responsibility (CSR), but it…
Why We Bite the Invisible Hand
The Deep, Dark Roots of Politics: Using Others to Help Ourselves
A Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 13 “The Chimpanzee in the Room: Darwinian Politics” In an earlier chapter, Foster has discussed the origins of the instinct to trade. While trading seems natural to people, the disconnected and abstract modern economic system today challenges our…
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…