What We Can and Can’t Control

Some things we can control, others we can’t. It’s important to know the difference. Everything happens for a reason, and nothing happens without a cause or, more likely, multiple interacting causes. The work of science is to get an accurate understanding of those causes so that we can better control Continue Reading →

Order Without Orders

People tend to prefer order in their lives. They like things to be predictable. When they go to the grocery store, they expect to find shelves stocked with food. When they go to work, they expect to be paid according to their agreements with the employers. They expect their internet Continue Reading →

Invisible Hand or Invisible Gun

Two hundred and forty years ago, Adam Smith wrote in “The Wealth of Nations,”: “He [the individual]… neither intends to promote the public interest, nor knows how much he is promoting it…. he intends only his own gain, and he is in this, as in many other cases, led by Continue Reading →

The Invisible Hand Today

Sunday is the birthday of Adam Smith, thought by many to be the father of economics. Published in the same year as the United States Declaration of Independence, his masterpiece, “Wealth of Nations” was comprehensive, insightful, and even now, very readable. Though his work was wide-ranging, his best known concept Continue Reading →

Ownership, Goals, and Central Planning

People establish businesses and other private organizations for specific purposes, arranging systems of assets and people to achieve their goals. Economies and societies, on the other hand, are not organized by anyone. They emerge naturally from the interactions of individuals as they go about their lives. The study of complex Continue Reading →

The Moral Superiority of Free Markets

The age-old battle rages on about the failures of markets and the necessity of government regulation. It seems to me that the argument persists simply because free markets and their participants are held up to the harsh light of reality and compared with visions of Utopian perfection, while government actions Continue Reading →

When Planning Creates Chaos

All people do some type of planning, which is simply looking toward the future to determine the steps needed to achieve objectives. Employment is one of the means available. Workers choose to trade their time and labor because it enables them to better satisfy their needs and pursue their goals. Continue Reading →