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Old 09-21-2007, 03:10 AM
Political Novice
 
Join Date: Sep 2007
Posts: 1
Default Adam Smith's "invisible hand" nonexistent

The "invisible hand" is based on Enlightenment Deist philosophy of the "wind up the clock" God creating an orderly, mechanistic Universe.

Philosophically, that type of divinity was blown out of the water by quantum theory. Einstein knew that about quantum theory, which is part of why, in his lack of acceptance, he said "The Old One doesn't play dice with the universe." (He was, on this issue, wrong.)

Empirically, such an orderly, "wind-up-the-clock" deity has been blown away by the Napoleonic Wars, WWI and WWII, the Holocaust, nuclear weapons and more.

In short, the economic theory of modern capitalism, at root, is based on a philosophical and scientific house of cards.
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