Regulating the Invisible Hand: A Contradiction?

[David Farber <dave () farber net>]

________________________________________
From: Stephen Unger [unger () cs columbia edu]
Sent: Tuesday, January 15, 2008 4:33 PM
To: David Farber
Subject: Regulating the Invisible Hand: A Contradiction?

Dave,

Here is an item you might consider for ip.

Steve
.........

Invisible hand worshippers are horrified by thoughts of government
intervention to protect American jobs, to block sales of harmful or
useless drugs, or to reduce the pollution of our water supplies and
air. They oppose virtually anything they feel might interfere with the
operation of the free market, which they consider as a mechanism for
solving all societal problems. Altho the Adam Smith free market is
indeed a neat way for production and prices to be adjusted in a
decentralized manner, the demands made on it by overzealous advocates
are unreasonable.

The invisible hand needs help in preserving the conditions necessary
for its operation. It requires back-up to protect against damage to
individuals and to society at large that can result from the blind
pursuit of  profit. It even needs help to remain viable. There is no
rational basis for the belief that a free market can't co-exist with
laws and regulations.
Check out the arguments at:
http://www1.cs.columbia.edu/~unger/articles/freemarket.html


Stephen H. Unger
Professor (currently on leave-of-absence)
Computer Science Department
Columbia University
............

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