Adam Smith was sufficiently brilliant to simply call it the invisible hand and leave it alone. How does individual business make the miraculous seem ordinary enough to be taken for granted? On a microscale, that’s for them to know and macroanalysis to forever be frustrated.
Booms or busts, those are a different matter. While we can never know down to the specific economic equivalent of the Planck scale, there are any number of Big Picture factors which are repeatedly associated with either one. And this goes back before the days of Mr. Smith.
Read Full Article »