Skip to content

Spinning Top

The spinning top is a reflection of the economy, it is not supposed to spin that well and that stable but it surprisingly is stable. I think if one thinks about what can go wrong with an economy there are hundreds of things, and it does indeed wobble from time to time as if its going to stop. But just as we assume it will stop soon, as if an invisible hand whipped it again the top starts to spin.  This i guess is what Adam Smith called an invisible hand, the one that ensures that if there is a market for something, the supply follows.  It is not altruism that ensures you get medicine from the nearest chemist or buy that cold drink to refresh on a hot day from the general store but it is their own self interest, indeed if they were not interested in their own welfare there would be no shop and you would be left helpless.

Only Adam Smith would have thought about a statement such as this   “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages.”

These words are the basis of capitalism and will forever remain so.

The link below shows a sculpture based on the spinning top, a tribute to Adam Smith,

http://www.spacestationx.com/projector/cp-Pages/Image38.html

Post a Comment

Your email is never published nor shared. Required fields are marked *