There Is No Such Thing As The Market

Citizens!

There is no such thing as The Market.* There are individual buyers and sellers and there are corporations, avowedly acting in enlightened self-interest, paradoxically dim and herd-like in bellowing stampede to buy and sell according to the panic attack of the day.

“The Market decides” is received superstition, the hocus pocus of capital, the tribal juju of traders, chanted to frighten the public and justify the toxicities of Laissez-Fairyland.

The “Invisible Hand” supposedly governing the movement of supply and demand within The Market is naught but a malevolent poltergeist, Adam Smith’s familiar, an economic spook conjured to befog the irrational and unenlightened arithmetic entangling us from preschool to pension.

That’s all for now.

Ned

Remember: Cause trouble. And teach your children well

 

*with no apology to Baroness T.
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