Power of the Market - Invisible Hand

Milton Friedman explains how an invisible hand guides economic activity in a free market. (5 of 30) http://www.libertypen.com

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• activity
• Adam
• economics
• Friedman
• hand
• invisible
• Milton
• Smith
• capitalism
• free
• enterprise
• liberty
• cooperation
• public
• welfare
• market
• production
• self-interest

[PlacePolls]

Lassiez Faire Capitalism is the only economic system that naturally honors and advocates progression. All other economic systems advocate laziness which is a natural source of depression. It is an irrelevant argument on whether capitalism is perfect or not... Especially when we all know that the good fruits of capitalism far exceed all other economic systems. It is a fact that capitalism is the best economical system that we have to work with. We can be certain of that through principles

[fzqlcs]

@giancarlo3000 The glaring problem in what you say is that there is no "common good." That is, you and I would probably disagree as to what constitutes this common good. When we use principles of central planning instead those associated with individual liberty, an elitist view of the common good is imposed on society at large. This is the basic recipe for tyranny. Liberty requires responsibility and self-motivation. That may explain why so many are willing slaves to government.

[giancarlo3000]

@fzqlcs Well that is exactly what we have to change if we want to survive as a species. The notion of the "non existant common good" is dangerous, For me common good means that everyone can do exactly what they can with no limitaions (monetary, religios, legal, government). Healthy and happy human beings should be the goal of any "economic" system. In an anarco-capitalist society the tyran would not be the state, would be the ones that acquire and control most means of production.

[fzqlcs]

@giancarlo3000 The glaring problem in what you say is that there is no common good. That is, you and I would probably disagree as to what constitutes the common good. Therefore, when we use principles of central planning instead those associated with individual liberty, one view of the common good is imposed on society at large. This is the basic recipe for tyranny. Liberty does require responsibility and self-motivation. That may explain why so many object to it.

[giancarlo3000]

Economic expansion and high productivity don't necessarily mean well being. The best way to measure the "progress" of a nation is not de GDP, is the human development. Capitalist countries may be the richest, but that wealth is only enjoyed by a small gruop off people. In more egalitarian societies, like the Nordic Countries, the majority of the population enjoys the best standards of living in the whole world, and they are not laissez-faire capitalists. The common good must always be the goal.

[KenMacMillan]

Adam Smith (1723-1790)

watch?v=Z92pjQVgqmY

[ElDukerino1]

@dmowings

"Chomsky is out of his area of expertise when he talks about economics..."

Nonetheless he manages quite adeptly to identify, and at least somewhat dismantle, the propoganda efforts involving distortions of Smith by others (which is the sort of thing he IS an expert, or really master, at doing)...so I'd almost just say your point is irrelevant if it weren't for the disgraceful attempt at the dismissal via the obvious fallacy.

[ElDukerino1]

@SzlampStudios

You hit the nail on the head...nice one.

[DaFuckyouat]

Capitalism any political system that depends on capitalism for stability relies on growth in production and consumption. It encourages aggression because those who are accustomed to certain living standards will use the military to secure resources to continue to secure the resources that make those living standards possible. , why else did Japan have a large military build-up when it modernized and why is China quietly building up its military capability?

[DaFuckyouat]

Capitalist countries will start to have the same problems as the U.S.S.R. did, when demand for energy outstrips supply. The energy that capitalist countries use is mostly non-renewable which means, energy availability will decline in the future. There will be less fruits of labor when energy availability begins to decline because the fuel to run machinary will become to expensive to justify using the machinary. There will be mass unemployment. Governments will collapse.