the visible hand

it is the theory which decides what can be observed – einstein

The economist manifesto

Posted by ecoshift on April 24, 2010

A few words on Adam Smith’s Theory of Moral Sentiments from Amartya Sen…

New Statesman – The economist manifesto
Amartya Sen
Published 23 April 2010

“Smith was convinced of the necessity of a well-functioning market economy, but not of its sufficiency. He argued powerfully against many false diagnoses of the terrible “commissions” of the market economy, and yet nowhere did he deny that the market economy yields important “omissions”. He rejected market-excluding interventions, but not market-including interventions aimed at doing those important things that the market may leave undone.”

read the whole thing…

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