Adam Smith

This tag is associated with 5 posts

Invisible Hand of the Market and Other Turbo Capitalist BS

Turbo capitalists are fond of quoting Adam Smith’s “Wealth of Nations,” while failing to read all of what he said. They cherry pick his “invisible hand” of the marketplace as sort of a transcendent religious doctrine proving that maximum profit at any cost benefits everyone. “Don’t try to regulate business! Don’t mess with the invisible … Continue reading

In the garden: Honeybees and Adam Smith

Today a honeybee was doing her thing in one of the squash blossoms. If you get very still you can hear, all around, soft and low-the “bzzzzzzzz” of the honeybees. Everything is connected in life and honeybees are a good illustration of this. You see, honeybees go about, busy as a…bee and collect pollen and … Continue reading

Adam Smith on Compassion-What Free Marketeers Don’t Tell You

Adam Smith, is known as the “Father of Modern Economics” because of his 1776 book, The Wealth of Nations. He is quoted as stating that everyone acting in his own self-interest will result in the good of all in the long run. The theory is that in a free market, people will choose what to … Continue reading

The Natural State of Man

Many older philosophies start out with the natural state of mankind. The trouble was, they didn’t know diddly about the natural state of mankind but went on to build elaborate narratives on a foundation of marshmallow fluff. Thomas Hobbes famously said that the natural state of mankind was a “war of all against all” and … Continue reading

Capitalism and Human Nature

I am amazed that a frequent defense of capitalism is that it is the system that best reflects human nature. If it is natural, the argument goes, then it is good. The “natural=good” argument does not extend to actually caring for Mother Nature, however. Mother Nature should be overcome, tamed and forced to serve man-like … Continue reading