Difference between revisions of "Invisible Foot"
From Critiques Of Libertarianism
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| − | {{DES | des = A term | + | {{DES | des = A term used by [[E. K. Hunt]] to describe the second half of the capitalist incentives to privatize gain and socialize costs. It increases private gain to create negative externalities (such as pollution) rather than bear their costs: thus negative externalities will be maximized "as if by an invisible foot". See also the propaganda term [[Invisible Hand]]. | show=}} |
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"A Radical Critique ofWelfare Economics," in Growth, Profits, andProperty, ed. Edward J. Nell (New York: Cambridge University Press, 1980), pp. 245-246. | "A Radical Critique ofWelfare Economics," in Growth, Profits, andProperty, ed. Edward J. Nell (New York: Cambridge University Press, 1980), pp. 245-246. | ||
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| + | Other usages: | ||
| + | * Joseph Berliner to describe the reallocation of capital among competing firms as some "win". | ||
| + | * Herman Daly: "While the invisible hand looks after the private sector, the invisible foot kicks the public sector to pieces." | ||
| + | * Michael Carter and Rodney Maddock to describe a prisoner's dilemma situation leading to inflation. | ||
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{{List|title=Invisible Foot|links=true}} | {{List|title=Invisible Foot|links=true}} | ||
{{Quotations|title=Invisible Foot|quotes=true}} | {{Quotations|title=Invisible Foot|quotes=true}} | ||
