Wills says : Very interesting comment below by ANON on Adam Smith and economics right now, today.
I remember years ago when I was at College studying Economics and being introduced to the writings of Adam Smith and his notion of this “invisible hand” and how it acts as a force to return markets to equilibrium, to where demand meets supply, or to what some people call “the market clearing price”. It was pointed out to me back then, by a wiley old Professor, that while Smith’s idea was grand in theory, in practice it will never be allowed to work as most of the power brokers who like to control societies would not be willing to relinquish their control to some “invisible hand” as it might move the market in a direction that does not suit their objectives.
It was in the context of the above that I was reflecting on where Ireland’s market is at the moment, and indeed where it was at before the bust. Now I know that people have strong opinions at the moment on whether a Keynesian stimulus of some sort should be employed, or whether a more “Austrian school” approach of free market or neo-liberalism is the best approach. If we could leave the debate on the medicine that’s needed to one side for the moment and look at the patient and see if we can determine what exactly are the ailments that require attention, prioritise them so that we can have complete recovery as quickly as we can.