How refreshing to see the long quote from Adam Smith about the "invisible hand." All European leaders probably are as derisive of the invisible hand as they are about the Laffer Curve, calling it, as Biden does, "trickle-down economics."
But the invisible hand and the Laffer Curve always have the last "laff", don't they?
Keynesian economists often have a hard time grasping the "invisible hand".
I'm a bit of an odd duck when it comes to even the lay economist. Having spent many years doing disaster recovery and business continuity planning, I've done a fair bit of reading on general systems theory, and on the various principles governing chemical and physical systems themselves.
The "invisible hand" of Smith appears in chemical systems as the Second Law of Thermodynamics: in any closed system free energy proceeds towards zero and entropy proceeds towards a maximum. Put another way, the general trend of all systems over time is towards equilibrium. Absent additional inputs, EVERY system--and this includes economic systems such as the economy of a nation-state--will inexorably move towards equilibrium.
This even appears in religious and philosophical systems in various appreciations of causality.
When men exert themselves over the universe, the universe naturally moves back to the point of balance. There is no exertion man can make which the universe cannot counterbalance.
God's creation is a most magnificently ordered one!
How refreshing to see the long quote from Adam Smith about the "invisible hand." All European leaders probably are as derisive of the invisible hand as they are about the Laffer Curve, calling it, as Biden does, "trickle-down economics."
But the invisible hand and the Laffer Curve always have the last "laff", don't they?
Keynesian economists often have a hard time grasping the "invisible hand".
I'm a bit of an odd duck when it comes to even the lay economist. Having spent many years doing disaster recovery and business continuity planning, I've done a fair bit of reading on general systems theory, and on the various principles governing chemical and physical systems themselves.
The "invisible hand" of Smith appears in chemical systems as the Second Law of Thermodynamics: in any closed system free energy proceeds towards zero and entropy proceeds towards a maximum. Put another way, the general trend of all systems over time is towards equilibrium. Absent additional inputs, EVERY system--and this includes economic systems such as the economy of a nation-state--will inexorably move towards equilibrium.
This even appears in religious and philosophical systems in various appreciations of causality.
When men exert themselves over the universe, the universe naturally moves back to the point of balance. There is no exertion man can make which the universe cannot counterbalance.
God's creation is a most magnificently ordered one!