Folk economics caused us to disdain excessive wealth, label usury a sin and mistrust the invisible hand of the market.Ironically, it's the concept of "the invisible hand of the market" that owes its origins most to folk science (in early free market theory, the "invisible hand" of the market was explicitly identified with "the divine hand of providence"--in other words, it was an article of religious faith that became an axiom of free market theory, rather than one that had validated as a rigorously tested scientific hypothesis).
« Older Greil Marcus writes Real Life Top Ten for the Beli... | Hank Asher, billionaire eccent... Newer »
This thread has been archived and is closed to new comments
posted by homunculus at 11:50 AM on June 25, 2009 [2 favorites]