David Orrell quote: “Adam Smith's invisible hand does exist, but as an emergent property of a complex system. It has a fuzzy tendency to red…”

“The invisible hand is an emergent property of this system, which never reaches an optimal equilibrium, but instead is fundamentally dynamic and unstable, with complex effects on society.”

David Orrell (1962) Canadian mathematician

Introduction, p. 19
The Other Side Of The Coin (2008)

“As against the "invisible hand" of Adam Smith, there has to be a visible hand of politicians whose objective is to have the kind of society that is caring and humane.”

Pierre Trudeau (1919–2000) 15th Prime Minister of Canada

Part 3, 1974 - 1979 Victory And Defeat, p. 190
Memoirs (1993)

“Winston Smith: Does Big Brother exist?
O'Brien: Of course he exists.
Winston Smith: Does he exist like you or me?
O'Brien: You do not exist.”

George Orwell book 1984

Source: 1984

“The phrase laissez-faire is not to be found in the works of Adam Smith, of Ricardo, or of Malthus. Even the idea is not present in a dogmatic form in any of these authors. Adam Smith, of course, was a Free Trader and an opponent of many eighteenth-century restrictions on trade. But his attitude towards the Navigation Acts and the usury laws shows that he was not dogmatic. Even his famous passage about 'the invisible hand' reflects the philosophy which we associate with Paley rather than the economic dogma of laissez-faire.”

John Maynard Keynes book Essays in Persuasion

Source: Essays in Persuasion (1931), The End of Laissez-faire (1926), Ch. 2

“Any attempt to reduce the complex properties of biological organisms or of nervous systems or of human brains to simple physical and chemical systems is foolish.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1970s, Ecodynamics: A New Theory Of Societal Evolution, 1978, p. 20

“Every system that has existed emerged somehow, from somewhere, at some point. Complexity science emphasizes the study of how systems evolve through their disorganized parts into an organized whole.”

L. K. Samuels (1951) American writer

Source: In Defense of Chaos: The Chaology of Politics, Economics and Human Action, (2013), p. 118

“Adam Smith is, of course, justly lauded for his advocacy of free markets and limited government. Particularly famous is his idea that each person’s pursuit of self-interest leads, as if by an invisible hand, to socially efficient outcomes.”

Robert Barro (1944) American classical macroeconomist

Nothing Is Sacred (2002)

“Subatomic particles do not exist but rather show 'tendencies to exist', and atomic events do not occur with certainty at definite times and in definite ways, but rather show 'tendencies to occur'.”

Fritjof Capra book The Turning Point

Source: The Turning Point (1982), p. 82.
Source: The Tao of Physics: An Exploration of the Parallels between Modern Physics and Eastern Mysticism
Context: At the subatomic level, matter does not exist with certainty at definite places, but rather shows "tendencies to exist," and atomic events do not occur with certainty at definite times and in definite ways, but rather show "tendencies to occur."

“To understand the economy then is to comprehend how it is driven by the animal spirits. Just as Adam Smith’s invisible hand is the keynote of classical economics, Keynes’ animal spirits are the keynote to a different view of the economy — a view that explains the underlying instabilities of capitalism.”

Robert J. Shiller book Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

George Akerlof and Robert Shiller. Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, 2009, Preface

“To understand the economy then is to comprehend how it is driven by the animal spirits. Just as Adam Smith’s invisible hand is the keynote of classical economics, Keynes’ animal spirits are the keynote to a different view of the economy — a view that explains the underlying instabilities of capitalism.”

George Akerlof book Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism

George Akerlof and Robert Shiller. Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, 2009, Preface

“Adam Smith's invisible hand does exist, but as an emergent property of a complex system. It has a fuzzy tendency to reduce big price discrepancies, but it acts in a rather haphazard way.”

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