Log in

View Full Version : Capitalism taken on faith?


Hegemonicretribution
10th January 2006, 17:12
I am not, and I want to make this clear, associating all capitalist theory with this flaw. However I am hoping to hear some better justification for the workings of supply and demand other than an imaginary hand.

This is in religion, because until better justification is provided, this is where it belongs. Any ideas?
Jim
10th January 2006, 18:58
can you expand upon that a little?
I am not sure what you mean at the moment.
Publius
10th January 2006, 20:04
I am not, and I want to make this clear, associating all capitalist theory with this flaw. However I am hoping to hear some better justification for the workings of supply and demand other than an imaginary hand.

Don't be obtuse, it's a metaphor.

The invisible hand doesn't 'do' anything; it's a representation.
Hegemonicretribution
11th January 2006, 10:15
Originally posted by [email protected] 10 2006, 08:15 PM
Don't be obtuse, it's a metaphor.

The invisible hand doesn't 'do' anything; it's a representation.
I realise that, but what is the metaphor for? That is what I am asking. As I said, I didn't think this was a major failing point for all capitalist theory, just an area that many take on faith. If you have sat through economics classes at high school this is as in depth as the theory gets, and I don't think "an invisible hand" making it work is a deep enough understanding for supporters of such a system.
Publius
11th January 2006, 20:21
Originally posted by Hegemonic[email protected] 11 2006, 10:26 AM



I realise that, but what is the metaphor for?

The totality of individual actions.


That is what I am asking. As I said, I didn't think this was a major failing point for all capitalist theory, just an area that many take on faith. If you have sat through economics classes at high school this is as in depth as the theory gets, and I don't think "an invisible hand" making it work is a deep enough understanding for supporters of such a system.

Well yeah, a metaphor is pretty limited understanding of anything.
James
12th January 2006, 14:12
IF you don't understand the invisible hand concept, i think you should probably read Hayek. I think Road to serfdom gives a rather concise of what he believes to be the free market. I don't recall if he uses the term invisible hand; but he certianly does explain the general concept/theory.

I'm confused as to why this is in religion though.