The Invisible Hand: economic, religious, or mystical concept? w/ Dan Sanchez, FEE - EP185

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. Please get in touch with any questions, comments and suggestions by emailing us at [email protected] or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP185Introduction to this episode [0:06]Dan’s article on the “invisible hand” [2:06]The production of a pencil is like an orchestra without a conductor [5:25]Is the invisible hand the hand of God? [8:34]What is the problem with central planning? [12:27]Central planners don’t like the idea of economic laws because they circumscribe their utopian dreams [15:45]Dan’s views on big tech [19:23]Is there a case for regulation or a ban on TikTok? [23:32]Links relevant to the conversationDan’s bio: https://fee.org/people/dan-sanchez/Dan’s Twitter handle: @DanSanchezVDan’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 problemhttps://mises.org/library/economic-calculation-socialist-commonwealthArticle about problems with Soviet shoe production:https://www.econlib.org/archives/2009/09/soviet_shoes.htmlBio of 19th century British free trade advocate Richard Cobden who Dan mentions:https://en.wikipedia.org/wiki/Richard_CobdenThanks 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.