epistemopathy

It's Time to Break the Bubble Cycle

This article is a very nice and concise summary on the problem; one of the best I've seen so far. When will people realize that the popular Neo-Smithian conception of Adam Smith's "invisible hand" is purely magical thinking? Markets cannot be free without laws just as people cannot be free without laws. This is not a paradox if the laws are within reason. Without laws (regulations), we have anarchy, not liberty, and fall prey to those non-governmental forces that have gained their own forms of power. Sadly, the neo-Smithians cannot tell the difference.