On Thu, January 16, 2014 5:11 pm, Rohan McLeod wrote:
Well you might need to explain where that fits into their world-view; from: https://en.wikipedia.org/wiki/Austrian_School I notice: "(1) Methodological Individualism: In the explanation of economic phenomena we have to go back to the actions (or inaction) of individuals; groups or "collectives" cannot act except through the actions of individual members........"
Methodological individualism is pretty much mocked by anyone who has studied social psychology, anthropology, or sociology. The notion that human beings are free floating choosers without the influences of their social environment doesn't bear scrutiny for very long at all! One of best critical summaries is Steven Lukes', "Methodological Individualism Reconsidered" in the The British Journal of Sociology Vol. 19, No. 2 (Jun., 1968), pp. 119-129.
/begin rant/ Personally I consider the whole free-market ideology particularly Adam Smith's notion of 'an invisible- hand', to be a pathetic, irresponsible, non-scientific delusion ! /end rant/
Adam Smith is actually a lot more sophisticated that what people give him credit for. His criticism of big business and especially land speculators is usually forgotten or deliberately ignored by those who try to emphasize his advocacy of market relations in consumer goods and task specialisation. The "invisible hand" only appears a few times in his works, but does serve as a useful metaphor how market relations can, in particular circumstances, generate high levels of utility for all participants. The circumstances (high market information, low barriers to entry, many buyers and sellers) must be in place in order for the invisible hand to actually work - otherwise it is a very visible iron fist. -- Lev Lafayette, BA (Hons), GradCertTerAdEd (Murdoch), GradCertPM, MBA (Tech Mngmnt) (Chifley) mobile: 0432 255 208 RFC 1855 Netiquette Guidelines http://www.ietf.org/rfc/rfc1855.txt