The Invisible Hand - Tied?

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Galactic_bodhi Portland, Oregon USA
Sun Jun 21, 2009 9:25 PM CST : The Invisible Hand - Tied?
In response to: "By pursuing his own self interest he frequently promotes that of society more effectually than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good"(Adam Smith, Wealth of Nations, 456).


Given the current socio-political situation, what does this above quote regarding "the invisible hand" mean to you? Another term comes to mind from Adam Smith as well, Meritocracy:

In response to: Meritocracy

Meritocracy is an important factor in the work; Smith emphasizes the advancement that one can take based on their will to better themselves. People would want to do things with a strong mindset without the interference of the outside norms. Smith also points out the fact that the outside forces lead to infancy in the division of labor, therefore slowing the economic growth. Because the idea of self-improvement is very strong, meritocracy efficiently moves the outcomes of the division of labor, ultimately leading to more efficiency in the economy. -wiki


So, for the best, should not the best, rather than the worst, be paid to most to make the most? And would a higher quality business practice, by Darwinian philosophy for the fittest members, rather than the most connected, be the ones to steer our financial and other institutions?

I can hear you now. Who decides who's the best? Well. That's what I'm positing for discussion. Something must be done. This house is a mess. doh
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CaySea Follow the yellow brick road, Western Australia Australia
Sun Jun 21, 2009 10:00 PM CST : The Invisible Hand - Tied?
Well not just who decides who is best but how would you decide who has the best practices? Hind sight is 20/20. But leading up to a decision the most obvious answer has often proven to not be the best
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Galactic_bodhi Portland, Oregon USA
Sun Jun 21, 2009 10:11 PM CST : The Invisible Hand - Tied?
CaySea: Well not just who decides who is best but how would you decide who has the best practices? Hind sight is 20/20. But leading up to a decision the most obvious answer has often proven to not be the best


Well, to say that corporations are the most efficient form of business is to ignore the primary factor of bureaucracy, which is to slow the process to geological time-frames.

Smithian division of labor provides for self-interest in a worker as well, for the highest paid individuals will be the ones most knowledgable in their field, which pretty much dictates a small business cooperative as the most efficient and profitable model for everyone involved. This is the basis of the American Dream.

When you tie up intellectual propriety under the legal clause of work-for-hire you get a lot of unhappy workers. Todd MacFarlane and Image Comics are a perfect example of motivated and independent and extremely talented individuals breaking the norm and challenging the mainstream to succeed in business.

It can and does happen, and governments role should be to encourage this quality of free-market cooperative exchange rather than regulating it toward bureaucratic Leviathans like Government Motors. JMO
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CaySea Follow the yellow brick road, Western Australia Australia
Sun Jun 21, 2009 10:25 PM CST : The Invisible Hand - Tied?
Oh I agree in may ways though I have worked in many workplaces and I have personally found that many worker could not coexist in a self interest culture. Some would and do try knock others down to gain a higher foothold inspite of the damaging results to the well being of the company as a whole
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Galactic_bodhi Portland, Oregon USA
Mon Jun 22, 2009 10:14 PM CST : The Invisible Hand - Tied?
In response to: "Smith only used the phrase "invisible hand" once in this work, in chapter two of the fourth book, "Of Restraints upon the Importation from Foreign Countries." His usage was in the context of a problem, in Smith's view, posed by free and open markets among nations. If markets were free and open, the question arose how would a nation (such as Great Britain, the nation Smith cared about) could keep its capitalists from moving their capital out of the nation and into other countries where labor could be bought more cheaply. The answer, Smith says, is that they will act with a view toward their own particular nationalistic interests which happen to correspond with the "public interest" at home. In this way, by "preferring the support of domestic to that of foreign industry," the capitalist will in a sense be "led by an invisible hand to promote an end which was no part of his intention."-wiki


"A Giant Sucking Sound" of Inter-national Conglomerates. Say good-bye to your pensions as they speculate your freedoms on the open, NWO global market.
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Galactic_bodhi Portland, Oregon USA
Mon Jul 13, 2009 8:47 AM CST : The Invisible Hand - Tied?
Meritocracy or kleptocracy? You decide. When incompetence is rewarded, incompetence becomes status-quo. Tell these bloody bureaucrats enough is enough. Stop giving million dollar bonuses to idiots and start using it to attract real talent. very mad very mad frustrated
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