A Quote by Milton Friedman
People who intend only to seek their own benefit are “led by an invisible hand to serve a public interest which was no part of” their intention. I say that there is a reverse invisible hand: People who intend to serve only the public interest are led by an invisible hand to serve private interests which was no part of their intention.
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Every individual necessarily labors to render the annual revenue of society as great as he can. He generally neither intends to promote the public interest, nor knows how much he is promoting it. He intends only his own gain, and he is, in this, as in many other cases, led by an invisible hand to promote an end which was not part of his intention.
He is led by an invisible hand to promote an end which was no part of his intention
Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to society... He intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was not part of his intention
While the invisible hand looks after the private sector, the invisible foot kicks the public sector to pieces.
Adam Smith's uncritically enthusiastic modern disciples portray his invisible hand theory as saying that market forces reliably harness selfish individuals to serve the common good. That's often true, but as Darwin recognized clearly, many traits that serve the interests of individual animals make life more difficult for larger groups.
The invisible hand in politics operates in the opposite direction to the invisible hand in the market.
Conservatives may worship Adam Smith's 'invisible hand,' but for Obama, the helping hand comes in large measure from the public, not the private sector. To call this 'socialism' is to do violence to the word and to the concept. To call it 'un-American' is a smear.
When I place my hand on the Bible and take the oath of office, that oath becomes my highest promise to God. If I am fortunate to become your president, I will serve no one religion, no one group, no one cause, and no one interest. A President must serve only the common cause of the people of the United States.
The highest, the only reality, is ever at hand, but for the most part invisible. Genius makes it visible.
The president may have the raw constitutional power to, say, squelch an investigation or to pardon a close associate. But if he does so not to serve the public interest, but to serve his own, he surely could be removed from office, even if he has not committed a criminal act.
The self-organizing and self-correcting imprint is on all aspects of reality. So not only was your body formed by this invisible hand, not only does your body continue to work by this invisible hand, but every aspect of your life - emotionally, physiologically, and spiritually - is also programmed to thrive, is also programmed for self-organization and self-correction.
The invisible hand is not perfect. Indeed, the invisible hand is a little bit arthritic ... I'm a believer in free markets, but I think we need to be less naïve. We need to accept that markets give us pretty good solutions, but occasionally they will lock in something inferior.
I do not intend, we do not intend, that any party shall survive, if we can help it, that will lay the confiscating hand upon Americans in the interest of England or of Europe.
If invisible people eat invisible food does invisible wind blow invisible trees?
In how few words, for instance, the Greeks would have told the story of Abelard and Heloise, making but a sentence of our classical dictionary.... We moderns, on the other hand, collect only the raw materials of biography and history, "memoirs to serve for a history," which is but materials to serve for a mythology.
That elections of members to serve as representatives of the people, in assembly, ought to be free; and that all men, having sufficient evidence of permanent common interest with, and attachment to, the community, have the right of suffrage, and cannot be taxed or deprived of their property for public uses, without their own consent, or that of their representives so elected, nor bound by any law to which they have not, in like manner, assembled, for the public good.
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