Worshippers Of The Unseen Butterfingers (WOTUB), Critical Reflection ⇒ Making The Invisible Hand Visible Options Rating

[Jon Awbrey]

I have to go dig out my Adam Smith and my Max Weber … it may take the weekend, but I didn't want to lose this number …

J☼N

Dynamic List Of Resources —

Adam Smith

• Adam Smith (1759), The Theory of the Moral Sentiments.
• Adam Smith (1776), An Inquiry into the Nature and Causes of the Wealth of Nations.

Max Weber

• Max Weber (1904/1930), The Protestant Ethic and the Spirit of Capitalism, Talcott Parsons & Anthony Giddens (trans.), Unwin Hyman, London & Boston.

If you never read any other Social Theory, read Max Weber first. It was one of the great tragedies of the 20th Century that he died when he did, not only because the program of works he had begun would remain unfinished but also because the moderating influence he was exerting on his country's national and international affairs was suddenly dissipated.

Here is an excellent online resource on Weber —

• Elwell, Frank (1996), The Sociology of Max Weber.

[Moulton]

The other day, Kato posted a link to a segment from a BBC documentary of some interest. Among the points in the segment was the thesis that the so-called invisible hand of an efficient market is invisible because it's not really there.

My colleague, Dan Arielly, who is a behavioral economist, has made quite a splash with his recent book on predictable irrationality.

According to the BBC segment, there are only three demographic groups who are rational: Economists, Game Theory Experts, and Psychopaths.

[Jon Awbrey]

The other day, Kato posted a link to a segment from a BBC documentary of some interest. Among the points in the segment was the thesis that the so-called invisible hand of an efficient market is invisible because it's not really there.

My colleague, Dan Arielly, who is a behavioral economist, has made quite a splash with his recent book on predictable irrationality.

According to the BBC segment, there are only three demographic groups who are rational: Economists, Game Theory Experts, and Psychopaths.

People may be aware of using a metaphor when they speak of the Unseen Hand (UH). Using a metaphor need not invalidate the reasoning that uses it, not so long as the metaphor has an objective referent or a consistent connotation. The meaning that it has may be impossible to approach in just a few words any other way. But people just as often lose sight of the metaphor's meaning by taking it too literally.

Jon

[Angela Kennedy]

The other day, Kato posted a link to a segment from a BBC documentary of some interest. Among the points in the segment was the thesis that the so-called invisible hand of an efficient market is invisible because it's not really there.

My colleague, Dan Arielly, who is a behavioral economist, has made quite a splash with his recent book on predictable irrationality.

According to the BBC segment, there are only three demographic groups who are rational: Economists, Game Theory Experts, and Psychopaths.

People may be aware of using a metaphor when they speak of the Unseen Hand (UH). Using a metaphor need not invalidate the reasoning that uses it, not so long as the metaphor has an objective referent or a consistent connotation. The meaning that it has may be impossible to approach in just a few words any other way. But people just as often lose sight of the metaphor's meaning by taking it too literally.

Jon

May I add Michael Jacob's 'invisible elbow' to the mix here? (FRom the Green Economy, 1991) where Jacobs uses the metaphor as a counterpoint to SMith's invisible hand, in order to explain the hidden externalities (costs) to others of certain economic actions (e.g. environmental costs in Jacobs discussion). There could be many others of course.