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 →