The Foundation for Economic Education’s Dan Sanchez argues that the invisible hand is a legitimate economic concept and not a religious or mystical one, as some critics of economics claim. Dan and show host Gene Tunny discuss the efficient organization of economic activities by the market mechanism in a decentralized way, without the need for a central planner. The conversation turns to TikTok and economic engagement with China.
The Foundation for Economic Education’s Dan Sanchez argues that the invisible hand is a legitimate economic concept and not a religious or mystical one, as some critics of economics claim. Dan and show host Gene Tunny discuss the efficient organization of economic activities by the market mechanism in a decentralized way, without the need for a central planner. The conversation turns to TikTok and economic engagement with China.
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Dan’s bio: https://fee.org/people/dan-sanchez/
Dan’s Twitter handle: @DanSanchezV
Dan’s article on “How Atheist Anti-Capitalists miss the point”:
https://fee.org/articles/how-atheist-anti-capitalists-miss-the-point/
Von Mises book on the economic calculation problem
https://mises.org/library/economic-calculation-socialist-commonwealth
Article about problems with Soviet shoe production:
https://www.econlib.org/archives/2009/09/soviet_shoes.html
Bio of 19th century British free trade advocate Richard Cobden who Dan mentions:
https://en.wikipedia.org/wiki/Richard_Cobden
Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.
Full transcripts are available a few days after the episode is first published at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.