QUICK BITS no 15
ch`ndini posts (November) on WR Word Reference HERE
“The invisible Hand is simply the thudding fist of the powerful’
As in baseball, it is easy for all the participants in the economy to convince themselves that their participation is what matters, that they are the authentic creators of value, that their effort is what ought to be rewarded most handsomely. And everyone has a point. But while we can rely on economics to do some of the work of sorting out who deserves what, we are kidding ourselves if we think the invisible hand can be entrusted to handle the whole job. Left alone, the invisible hand is simply the thudding fist of the powerful. It would be wonderful if things were otherwise, but they aren’t.
it is not easy to understand the underlined part. what is this "thudding fist" and "the powerful" here? does it mean: the invisible hand (of economics) is only a powerful factor (affecting income distribution). it would be wonderful if we dont rely only on economics, but unfortunately we have no other choice?
If ch'ndini tries to explain a metaphor (invisible hand) with another metaphor (thudding fist) he/she creates a muddle.
There is no actual invisible hand. Neither is there a thudding fist.
There are billions of exchange transactions each day. Many have beneficial consequences; many others have detrimental consequences.