Economic View
The Invisible Hand, Trumped by Darwin?
Published: July 11, 2009
IF asked to identify the intellectual founder of their discipline, most economists today would probably cite Adam Smith. But that will change. Economists’ forecasts generally aren’t worth much, but I’ll offer one that even my youngest colleagues won’t survive to refute: If we posed the same question 100 years from now, most economists would instead cite Charles Darwin.
Darwin, renowned for the theory of evolution, was a naturalist, not an economist, and his view of the competitive struggle was different from Smith’s in subtle but profound ways. Growing evidence suggests that Darwin’s view tracks economic reality much more closely.
Smith is celebrated for his “invisible hand” theory, which holds that when greedy people trade for their own advantage in unfettered private markets, they will often be led, as if by an invisible hand, to produce the greatest good for all. The invisible hand remains a powerful narrative, but after the recent economic wreckage, skepticism about it has grown. My prediction is that it will eventually be supplanted by a version of Darwin’s more general narrative — one that grants the invisible hand its due, but also strips it of the sweeping powers that many now ascribe to it.
Economic View - The Invisible Hand, Trumped by Darwin? - NYTimes.com
Shane Van Loon displays the ancient animal skull he found last week in Tsiigehtchic, about 230 kilometres south of Tuktoyaktuk in the Northwest Territories. Paleontologists believe the animal was a steppe bison that lived more than 20,000 years ago.
We know from molecular data that modern elephants share a common ancestry with the sirenians - aquatic sea cows and dugongs,’ said Alexander Liu of Oxford’s Department of Earth Sciences, lead author of a report of the research published online in PNAS. ‘It suggests that elephants may have an ancestor which was amphibious in its mode of life and we wanted to know if Moeritherium or Barytherium was this semi-aquatic ancient relative. Unfortunately only fragments of the skeletons of these early elephants survive, so instead of looking at their bones we looked at the chemical composition of their teeth to determine what they ate and how they lived.’