Wednesday, September 24, 2008

Post No. 45a: Where is Adam Smith’s "Invisible Hand?"

Where is Adam Smith’s "Invisible Hand? "


1. Thus far, 53,000 babies have become sick, and 4 have died from this product. I imagine that if you are in a country of 1.4 billion, that’s small change. But do we here in America care? Check out the latest on the global milk scandal.

http://www.cnn.com/2008/WORLD/asiapcf/09/24/china.milk/index.html?iref=newssearch

2. By the way, some have suggested that there is a common element which exists between the motives of those behind the Chinese global milk problem and those individuals who led our country into its current financial mess. It might be instructive for us to revisit the ideas of Adam Smith. http://en.wikipedia.org/wiki/Adam_smith; or http://encarta.msn.com/text_761556047___0/Adam_Smith.html

3. Finally, we previously examined the failure of our government to address, three years later, the basic living standards of some of the Louisiana residents ravaged by Katrina. Earlier today, the news reports showed long lines of cars containing Galveston, Galveston Island, and other South Texas residents heading back to their homes. http://www.cnn.com/2008/US/weather/09/24/galveston.ike/index.html?iref=newssearch. Does our country have the political will and economic resources to return these folks back to the status they enjoyed prior to the storm? If so, will any Louisiana residents still be in limbo after the needs of Galveston residents are theoretically addressed?

Just stuff to think about today other than our current financial and economic complications…. You know, maybe we have created a false sense of expectations in this country. When you take people’s money through taxation, they develop expectations about what the government can and should do, and I can guarantee you that the expectations vary in amount and degree.

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