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: Zero Sum
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
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
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…
Bourgeois Equality
Equality of Genuine Comfort is Under Threat
A Discussion of Bourgeois Equality Chapter 66 “What Matters Ethically is not Equality of Outcome, but the Condition of the Working Class” In this penultimate chapter, Dr. McCloskey tackles the idea of equality as a goal. The rising standard of living in the countries that have participated in the Great…
Bourgeois Equality
Attitudes towards Bourgeois Betterment Historically Hostile
A Discussion of Bourgeois Equality Chapter 45 “Talk had been Hostile to Betterment” Dr. McCloskey opens this chapter with a story of a Mayan man from Guatemala, Oscar Chiquito, who had recently graduated from university despite long odds. And the long odds were due largely to his father’s hostility to…
Bourgeois Equality
You Cannot Steal Economic Growth
A Discussion of Bourgeois Equality Chapter 10, “Divergence not Imperialism” Welcome to chapter 10 of McCloskey’s book, Bourgeoise Equality, as we continue the chapter by chapter walk through. Today’s chapter is beginning Part 2 in her book, examining the question, why are the rich countries rich today? McCloskey is going…