Die unsichtbare Hand (und was der Markt alles regelt) – WOHLSTAND FÜR ALLE Ep. 134

Everyone has probably heard the metaphor of the invisible hand of the market before. This description of the market mechanism goes back to the important economist Adam Smith, who, however, only mentions the invisible hand in a few places in his extensive work. Smith was not only an economic theorist, but also a moral philosopher. This is why, in his moral philosophical treatise "Theory of Moral Sentiments," the famous metaphor is used to clarify questions of justice. Smith was interested in the great inequality, and even before writing, he sought to identify a trickle-down effect. Smith would later speak of the invisible hand again when he described in "The Wealth of Nations" how, while everyone in the market thinks of themselves and only seeks to pursue their own interests, everyone benefits. Leftists often criticize this, but the criticism often falls short when it simply questions the functioning of this market mechanism – after all, the market actually regulates many things efficiently and effectively. The problem, however, is that this market by no means serves all social needs, as Smith believed. The critique of the market must therefore be formulated more fundamentally. Ole Nymoen and Wolfgang M. Schmitt discuss this in the new episode of "Wealth for All." Literature: Adam Smith: Theory of Moral Sentiments, Meiner. Adam Smith: An Inquiry Concerning the Nature and Causes of the Wealth of Nations. Translated and edited by Peter Thal, Akademie-Verlag. Objektpunkt: "The Competition of Capitalists," available online at: https://de.gegenstandpunkt.com/artike.... You can support us - thank you very much! Paypal: https://www.paypal.me/oleundwolfgang Wolfgang M. Schmitt, Ole Nymoen Subject: Prosperity for All IBAN: DE67 5745 0120 0130 7996 12 BIC: MALADE51NWD You can also listen to us as a podcast: Podigee: https://wohlstandfueralle.podigee.io/ Spotify: https://open.spotify.com/show/12x5cqw... iTunes: https://podcasts.apple.com/de/podcast... Twitter: Ole: twitter.com/nymoen_ole Wolfgang: twitter.com/SchmittJunior The entire podcast WfA literature list: https://wohlstand-fuer-alle.netlify.app/