This is my response to an article written by Robert H. Frank, an economist at Cornell University, titled “The Invisible Hand, Trumped by Darwin?”
Given the times we are living, I am not surprise that such nonsense by Mr. Frank is camouflaged as scholarly. First, Adam Smith never attached “greed” to his “invisible hand” statement. This was done by free-market haters to further their flawed economics. They, like Mr. Frank, conveniently disregard Smith’s Theory of Moral Sentiments written in 1759, which buttresses any legitimacy of equating “invisible hand” with “greed.
Second, the basic premise of Darwin’s theory provides the foundation to socialism/communism/totalitarianism. This is why Karl Marx said it was the “most important and suits my purpose in that it provides a basis in natural science for the historical class struggle.”
Third, although never explicitly stated by economic Darwinist but certainly inferred, implementing their theory means a few (e.g. a committee or an elite group) coordinate the most efficient allocation of capital in a society. In other words, a few control the many. Any which way one looks at it, Mr. Frank’s philosophy is anti-free market to the core.