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Reply #119: No, the invisible hand is meaningful [View All]

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Kurt_and_Hunter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-19-10 08:43 PM
Response to Reply #110
119. No, the invisible hand is meaningful
It's not at all like something uber-flimsy like race.

The invisible hand is a metaphor for a mathematical process that nobody denies. If someone then says that price discovery involves virtue or morality they're nuts, but the underlying concept is sound and infinitely testable.

It is important to separate ideas from their craziest interpretations.

For instance, evolution has been the topic of more mysticism and moralizing and general gibberish than almost any idea, but evolution itself isn't the problem.

But unlike evolution and market economics (which are almost the same idea, actually) race started out as an arbitrary social concept. It isn't a perverted scientific idea but rather a social idea that was then pervertedly treated as scientific.
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