Wednesday, 03 October 2007 17:32

The invisible hand of the market is it still invisible ?

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The invisible hand of the market that Adam Smith referred in his famous book “An Inquiry into the Nature and Causes of the Wealth of Nations” but also “the invisible hand of Jupiter” in “History of Astronomy” is today is one of the best known and mystified metaphors of economic liberalism.

To hear “the invisible hand of Jupiter” I still believe we are still at the time of the Roman Empire … but hey it’s just that until now, we men, we need to mystify even the most meaningful things in the economy and more specifically the liberal economy. For decades, we’ve tried hardly to quantify and measure the unmeasurable, to make a science “of the most accurate” despite the uncertainties that seem to rule over everything we know and what we think we know …

Economic balance advocated by classical, neoclassical economists seem to contemporary tripping over things, even microeconomic modeling very justified … Speaking of monopolies, oligopolies, monopolistic competition, on the one hand, alliances, corporations, multinational firms, on the other, we made it harder especially during times of major economic crises characterized by global supply well above demand, and explained by several economists by technological progress that has made goods production more  and more intensive in capital.

Read 197 times Last modified on Monday, 07 November 2022 08:14

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