Look: I am eager to learn stuff I don't know--which requires actively courting and posting smart disagreement.

But as you will understand, I don't like to post things that mischaracterize and are aimed to mislead.

-- Brad Delong

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Everything that appears on this blog is the copyrighted property of somebody. Often, but not always, that somebody is me. For things that are not mine, I either have obtained permission, or claim fair use. Feel free to quote me, but attribute, please. My photos and poetry are dear to my heart, and may not be used without permission. Ditto, my other intellectual property, such as charts and graphs. I'm probably willing to share. Let's talk. Violators will be damned for all eternity to the circle of hell populated by Rosanne Barr, Mrs Miller [look her up], and trombonists who are unable play in tune. You cannot possibly imagine the agony. If you have a question, email me: jazzbumpa@gmail.com. I'll answer when I feel like it. Cheers!

Friday, March 12, 2010

What the Hell? Friday Part 2: The Free Market Fairy

Adam Smith didn't quite get it right.  It isn't the INVISIBLE HAND that magically restores all markets at all times everywhere to perfect frictionless efficiency, it is the wand-waving of the FREE MARKET FAIRY.

I'm pretty sure I can't take total credit for this startling discovery. It flowered in discussions here and at Bad Tux's place. If he didn't have a visible hand in creating this notion, he at least encouraged and nurtured it in not-too-subtle ways.

I will, however, stake claim to the idea that the visible manifestation of the FREE MARKET FAIRY is an image of Milton Friedman in drag.

Full credit to BT for actually locating his (her?, its?) picture.

Free Market Fairy
Wave your wand, for rational,
Efficient magic.


BadTux said...

Yeah, the right-wingers talk about this beautiful free market fairy who magically waves her wand and presto chango, everything looks great and pretty and shiny and magic sparkle pony dust glitters throughout the land. When actually the free market fairy is a grumpy tranny whose day job is kneecapping people for the Mob (or our ruling top 400 oligarchs who own more of America than the bottom 51% of Americans combined, whatever, same difference) and who would sooner whack you over the head with her (his?) magic wand than actually do anything for mere mortals like you and I.

What we need is more people shouting "hey, youse! Your free market fairy has hairy legs and a beard!", maybe then folks will start looking past the pretty costume and realize that, uhm, hey, this free market fairy is pretty dadburned brutal, and certainly nothing that is going to result in anything good for ordinary people like you or I. But I keep remembering, 50% of Americans are below average... and average ain't so bright. Siiigh!

- Badtux the WASF Penguin

Jazzbumpa said...

I don't think there's anything I can add to that.

JzB the above average trombonist