Tuesday, 14 June 2005

Thought for the day . . .

by Ted Hoffman

..... and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.

I think even the most fervent defender of capitalism can accept that the market's ability to meet consumer's desires doesn’t produce perfect results. For example, chicken McNuggets. McDonalds works diligently to produce a food product that they sell by the million to grateful customers; but under any reasonable analysis nobody should ever eat chicken McNuggets. They are made from poor quality ingredients, are bad for you and to anything above the most unsophisticated palate they taste uninteresting..

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