Unfortunately for my anarchic wishes there Hayek describes some of the order that arise with organizations, individuals, and governments trying to succeed. He cites Adam Smith's theory of the invisible hand as one of the most recognizable instances of the spontaneous order that appears to happen behind the scenes. It seems that going along with Smith's idea, is that a great amount of the order comes from humanity's (for the most part) consistent character traits. In most instances it would be common sense to place your bets on the fact that human beings will choose the actions that will most benefit themselves or others they have a vested interest in. While this viewpoint might seem slightly jaded "we're all out to get the best deal for ourselves" I believe it is beneficial to the society we are in. My specific view on economics is a type of ethical hedonism which purports that everyone is entitled to as much pleasure as they can achieve within their own power.
Tuesday, April 9, 2013
Chaos in Economics: Elegantly Stating the Obvious
Unfortunately for my anarchic wishes there Hayek describes some of the order that arise with organizations, individuals, and governments trying to succeed. He cites Adam Smith's theory of the invisible hand as one of the most recognizable instances of the spontaneous order that appears to happen behind the scenes. It seems that going along with Smith's idea, is that a great amount of the order comes from humanity's (for the most part) consistent character traits. In most instances it would be common sense to place your bets on the fact that human beings will choose the actions that will most benefit themselves or others they have a vested interest in. While this viewpoint might seem slightly jaded "we're all out to get the best deal for ourselves" I believe it is beneficial to the society we are in. My specific view on economics is a type of ethical hedonism which purports that everyone is entitled to as much pleasure as they can achieve within their own power.
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