Check it out:

The author of this blog is a friend of mine and a philosopher, specializing in logic and religion. He does occasionally have interesting thoughts on economics as well as this post shows.

I agree that to some schools within economics the invisible hand is religion. They have been blessed (or cursed) with eternal faith in it. I’m not among those, but then again, I think that applies to many environmental economists.

As a final note on Thatcher and individualism: there has been a long debate (and still is) in economics on how to add up the preferences of individuals to figure out the preferences of society as a whole. And then Kenneth Arrow proved under very reasonable assumptions about humans that it was not possible!

Kenneth Arrow, Stanford University

Does that mean that society does not exist, or should not on occasions make choices for individuals? Of course not! But it does mean that we should be very careful when making decisions, and look at who is influenced. And that is in fact what environmental economics is all about…




Front image credit: By Gerhard Streminger –, Public Domain,