Checksum Arcanius

In response to Erik’s response to my response to his response to my response to an article in the American Spectator…
Erik states, “If the individuals are motivated to do the right thing withen the company it will as well.”

Wrong.

I think its one of the most wonderful and disturbing things about the advent of modern economics. The aggregate is often not the sum of its parts. Take, for example, this most oft-quoted phrase from Adam Smith’s Wealth of Nations: “It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from their regard to their own interest.” This is the essence of the “invisible hand” that turns self interst into the best option for the group as a whole. Its not immediately obvious (it tok until 1776 to figure it out, after all), but the general interst being served by everyone looking out for him or herself is the actual effect.

The same thing goes for groups founded in the name of the “public interest.” Even if every person in the group is working towards some greater ideal, the result is quite often less than stellar. Countless socialist regimes, and the incredible failure of social programs in this country as well should testify to that.

The real problem here is that most people in this world don’t understand economics because the teacher’s union (that “public interst” group) knows that a society well-versed in economics would be detremental to their monopoly over education in this country. Cynicism is well in order. Thank you very much.

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