Reading
One question for José Arroyo-Barrigüete, an economist at Comillas Pontifical University in Spain.
The post Why Do People Believe the Earth Is Flat? appeared first on Nautilus.
My new book Class War is a literary history, but it is committed to literature as something more than a record of past events. With a textual archive comprising letters, slogans, songs, manifestoes, memoirs, and field manuals in addition to novels, poems, and other more obviously literary modes of expression, literature is to be understood here as an active participant in the revolutionary process.
The post Class War: A Literary History appeared first on Progress in Political Economy (PPE).
Someday, Sarah, our ship will come in, and I’ll buy you a diamond as big as your eye and a mink coat to rival any movie star. And then, Sarah, I’ll move us back to the neighborhood we used to live in before we got priced out.
Just imagine, Sarah, our own row house, the very same one we rented for five years for seven hundred dollars per month before the owner evicted us to sell to a developer. Only this time, Sarah, the shag carpets will have been replaced with the finest and most homogenous gray composite flooring. It will be so easy to clean, Sarah. And so neutral it will offend no one.
Just think, Sarah, soon we’ll be sitting on our old back stoop, and instead of hearing a domestic dispute, we’ll be deafened by the roar of the newly-yet-shoddily-installed central air unit. Just imagine it, Sarah: You. Me. And the neighborhood we lived in for years but can no longer afford.
The invisible hand is the idea that people operating based on their own self interest in a market economy will optimize “value” and by doing so will increase human welfare. If a person runs a company which makes something that people are willing to buy, they must want or need that thing, and the person will want to make more of that thing so that they can become richer. They do it out of greed, but the richer they get the more they improve the common weal, as it were.
So even though they aren’t doing what they do because they care about the welfare of others (Adam Smith is very clear about that) operating from greed leads to increase human welfare.
Works, except when it doesn’t.
Descriptive statements describe how the world objectively is. Prescriptive statements describe how the world ought to be.