‎Discussion 1

← Older revision Revision as of 15:53, 16 October 2019
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''"He ( Adam Smith ) used the term not in his discussion and analysis of markets (Book I and II of Wealth Of Nations), but in a discussion of the choice of export/importing versus investing in domestic businesses (Book IV of Wealth Of Nations on his critique of mercantile political economy). It had nothing to do with ‘regulating’."''
 
''"He ( Adam Smith ) used the term not in his discussion and analysis of markets (Book I and II of Wealth Of Nations), but in a discussion of the choice of export/importing versus investing in domestic businesses (Book IV of Wealth Of Nations on his critique of mercantile political economy). It had nothing to do with ‘regulating’."''
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==The Invisible Hand and Cooperation Theory==
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David Sloan Wilson:
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"The old concept pretends that the pursuit of individual or corporate self-interest robustly benefits the common good, as if “led by an invisible hand” in the words of Adam Smith. This is also the essence of the term “laissez-faire”, which is French for “leave it alone”. Nobody believes that an economy can truly be a free for all—certainly not Adam Smith, who invoked his metaphor only three times in the entire corpus of his work. A fuller reading reveals that he was amply aware of the need to regulate economies. Nevertheless, those who have made the invisible hand their central metaphor regard laissez faire as by far the better path to take than its alternative—centralized planning.
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I am not the first person to declare this notion of the invisible hand dead, but my grounds for doing so are somewhat novel. Evolutionary theory makes it crystal clear that the unregulated pursuit of self-interest is often toxic for the common good. This conclusion becomes especially strong when we conceptualize self-interest in relative rather than absolute terms, a distinction that separates much evolutionary thinking from much economic thinking. When we absorb the fact that “life is graded on a curve” as the evolutionary economist Robert Frank puts it[1], then we can see that nearly all cooperative efforts require time, energy, and risk on the part of the cooperative individuals that place them at a relative disadvantage compared to less cooperative individuals within the same group."
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(https://evonomics.com/the-new-invisible-hand-david-sloan-wilson/)
   
 
==Discussion 2: Commentary by Michel Bauwens on P2P vs markets==
 
==Discussion 2: Commentary by Michel Bauwens on P2P vs markets==

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