The win-lose cycle of mutual exploitation
Adam Smith's invisible hand assumed enlightened self-interest. What the last half-century produced instead is a repeated game in which capital and labor each extract from the other — a Prisoner's Dilemma neither side is winning.
Plate 01 · leading message · use ← → keys
The butcher, brewer and baker serve us by serving themselves — under competition, and with a horizon long enough to care about tomorrow's customer. Remove either condition and the hand stops being benign.
Write your own notes once you have finished The Wealth of Nations (selections), then revisit them before class. Notes are private to your account and never seen by anyone else.