Son, you're old enough to know the truth. There's no such thing as "the invisible hand of the market"

McSweeney's ^ | 15 Sept 2023 | Kathryn Baecht

[Deaf Smith]

What is Lularoe?

[Sequoyah101]

Since I have never heard of such I will not miss it.

[Chad C. Mulligan]

Whatta cynic! Of course there is an “invisible hand of the market”. Subverted from time to time, but that doesn’t mean it’s not real.

[1of10]

I guess this is some kind of satire ...
rails against capitalism ...
but
quote from article ...
How did we scrape together your tuition while I was out of work? We turned our shed into an Airbnb, our mailbox into a FedEx dropbox,

so capitalism bailed them out when capitalism failed them.

[cockroach_magoo]

“But Dad, if Santa isn’t real, then how can socialism possibly work???”

[VTenigma]

I feel dumber for wasting 5 minutes reading that drivel.

[Joe 6-pack]

"The invisible hand," is a term and concept introduced in Adam Smith's Wealth of Nations, which describes how free markets are naturally inclined and led to satisfy both production and consumption.

It is frequently lauded as one of, if not the founding document of the free markets system.

[Still Thinking]

Government is to the hand of the market as Islam is to the hands of 9etty thieves. So when it’s broken we bksme the market and pine for more of what broke it. D’oh! [eyeroll]

[Deaf Smith]

Looked it up and was a spelling sort of problem.

It IS LuLaRoe.

A pyramid scam like Amway.

[Skywise]

Ummm… yes it is.

Just because you don’t understand the concept doesn’t mean the effect isn’t true.

[Tijeras_Slim]

There is a visible hand of government... it’s like a prostate exam.

[jdsteel]

An example of child abuse.

Son…work hard, work smart, give more value than what you charge, think and grow rich.

And above all, don’t fall for the Marxism crap.

[ConservativeInPA]

Well, at least they want to wear masks and surgical gloves when they give you an exam these days. 😂

[Sequoyah101]

Enlightening. We have not had a free market in a very long time. Both consumption and production have been manipulated at least by this government.

[Angelino97]

The big mistake about "free market theory" is that it assumes that all human beings are "rational actors," in the sense that they all make decisions based solely on their economic interest. That all people regard other people as fellow "rational actors," and everyone seeks to maximize profits, minimize costs.

But people are not interchangeable "rational actors." They make decisions based on tribal loyalty. They'll take economic hits to promote their family, friends, ethnicity, religion, nationality, values, beliefs, concepts of honor, and to block or hinder their tribal opponents.

People are not automatons, doing cost benefit analyses upon every human interaction, calculating only the profits and losses and nothing else.

The "free market," such as it is, is messy, irrational, and unpredictable. And yes, at times it can even be inefficient, unfair and immoral.

[Reeses]

The "free market," such as it is, is messy, irrational, and unpredictable.

Henceforth, it should always be referred to as the "democratic market", people voting with their money and their feet. Putty-brained Demonrat emotion is 100% controlled by language.

[Larry Lucido]

From Wikipedia:

the company allegedly advised its distributors “to borrow money [...] take out credit cards, and some were even asked to sell their breast milk” as ways to buy additional inventory

So let me get this straight. Folks are arguing over Lularoe’s products and business practices. Meanwhile, there is an untapped (no pun intended) market for breast milk? Someone needs to get on top of that pyramid! (No pun intented).

KreamArica Industries has just been born! You never know where that invisible hand will land!

[curious7]

Post of the day!

[Nateman]

In a way Evolution is a lot like natural markets. It is quite amazing the numerous innovations nature has come up in the selfish pursuit of survival for individual species. The invisible hand is not alone.