Thursday, October 8, 2009

the Market

I have been enjoying reading books lately by economists who are trying to explain things to the common person on the street, like myself.

Both the books I have read so far have agreed that the cure for poverty, sickness and almost all of society's ills is . . . the Market. It is a convincing argument.

The absolute greatest thing about the Market is what powers it. At best it is our self-interest, at worst, our greed. Whether you are in the first world, the third world, whether you are a rocket scientist or haven't darkened the door of a school in your life you have something powerful you can contribute to the world and that is your desire to look out for your own self-interest. Amazingly, 6 1/2 billion people all looking out for their own self-interest produces a magic force like something you would see on Star Trek re-runs that has a life of its own -- and works for the common good.

Now that common good thing is a big picture common good. So all people will be better off, however, individual people may not seem to be benefitting at any given moment. (That is a matter for the church and social workers, not economists, as sympathetic as they might be.)

So what would happen if people started following God's instructions and making decisions based on OTHER PEOPLE'S interest? Would it "gum up" the Market? That is something to chew on.

1 comment:

  1. Want to cleanse your reading palate after all that "invisible hand" boo-zhwah? Pick up "The Black Swan" by Nassim Nicholas Taleb.