Sunday, July 12, 2009

Do we need to stop being slapped around by the Invisible Hand?

Economist Robert Frank of Cornell University thinks that we need to temper the dogmatic faith in Adam Smith's Invisible Hand. Mr. Frank believes the our unrelenting faith in this metaphor "has undermined regulatory conflicts between the individual and the collective interests" of our society. He wants to fuse Mr. Smith's idea with Charles Darwin.

Where individual and society needs meet sometimes society loses.

It is an interesting essay with Mr. Franks usual easy and entertaining style.

Take a look here.
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