The Flaw Of The Invisible Hand

Introductions to economics usually start with gushing tales about the magic of the free market. It is usually stated that the free market allows everyone to get the best quality goods at the cheapest prices. The magical invisible hand guides everyone to the best place without any unnecessary government intervention. Below is a link to a video typical of the kind. (I’ll ignore for the moment that it completely misrepresents what Adam Smith said). Its short and simple, but it is a simple argument. This is the typical free market argument with its claim that left alone it will bring the best world for everyone. So in the video it compares two bakers offering bread and the consumer chooses either … Continue reading “The Flaw Of The Invisible Hand”

December 29, 2012EconomicsAsymmetric Information, Competition, Conspicuous Consumption, Culture, Economic Theory, Economics, Externality, Fashion, Free Market, Invisible Hand Leave a comment

Unarmed Police

The recent shootings in Sandy Hook, Newtown, Connecticut have made many question the role of guns in American society. This is a sharp contrast the Ireland where we have so few guns that even the police are unarmed. To an American this must seem like madness or liberalism run wild, but it actually works very well. In fact it is a policy that is universally supported across the political spectrum and among commentators. Instead of relying on the threat of violence, they rely upon their authority and consent of the people. As a result, the police force is one of the few institutions in Irish society that people still trust and respect. The reason the Irish police (generally referred to … Continue reading “Unarmed Police”

December 17, 2012PoliticsArmed, Garda Siochana, Gardai, Guns, Ireland, Irish Politics, Police, Politics, Shooting, Unarmed Leave a comment