Showing posts with label adam smith. Show all posts
Showing posts with label adam smith. Show all posts

2012-12-09

Economic faith, economic reason

It is far more difficult to combat faith than it is to combat reason and knowledge. A faith that there can be such a thing as a “free” market, or unambiguously “private” property, is difficult to shake.

Take the notion of a free market: there is no exact definition, but try “An economic system where prices, wages and trade are unregulated and prices are determined by competition between businesses”.  There has never been a truly free market because a “free market” is an ideal and interesting idea but, unfortunately, it is an ideal lodged in faith. The free market article of faith cannot cope with a complex society, because regulations exist at all levels of society protecting private property and public speech, enforcing contracts, plus a myriad of other things.

2012-11-04

Hearts of stone

Sometimes ideology overcomes humanity. Sometimes an abstract idea becomes more important than reality. Some human beings forget they exist in world populated by other human beings without whom their existence would be solitary, poor, nasty, brutish, and short. Not wishing to bear one another's burdens, some humans seem devoid of any spiritual or communal feeling – espousing a morality of materialism.

They are statues with their hearts of stone.