Yquotes.com

 

But the net effect of increasing scale, centralization of capital, vertical integration and diversification within the corporate form of enterprise has been to replace the 'invisible hand' of the market by the 'visible hand' of the managers.
--
Chapter 5, Organization of Capitalist Production, p. 146

 

David Harvey (geographer)

» David Harvey (geographer) - all quotes »

Similar quotes

 

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

 

We have just seen that, apart from money-capital, circulating capital is only another name for commodity-capital. But to the extent that labour power circulates in the market,it is not capital, no form of commodity-capital. It is not capital at all; the labourer is not a capitalist, although he brings a commodity to market, namely his own skin.

 

Karl Marx

 

Part of America's industrial problems is the aim of its corporate managers. Most American executives think they are in the business to make money, rather than products or service...The Japanese corporate credo, on the other hand, is that a company should become the world's most efficient provider of whatever product and service it offers. Once it becomes the world leader and continues to offer good products, profits follow.

 

W. Edwards Deming

 

"In boxing, the style has changed over the years from crouching to being more and more vertical. Also people used to jump around, but the modern boxer like Tyson just moves in flat footed to demolish his opponent in a scientific way. In Wing Chun a person does not bob as in boxing. When two beginners fight it doesn't matter how they fight, but against professionals it makes a difference. Even a smaller [person] is better off to keep the body vertical and step back, then to bob and weave. This is because the hand can move faster than the body. Boxing is still like a game because there are rules for how you can hit and how you can't hit. If you attack someone and they bend their head, then in Wing Chun you can still hit them with your hand even without pulling your hand back."

 

Wong Shun Leung

 

The theories that I (and others) helped develop explained why unfettered markets often not only do not lead to social justice, but do not even produce efficient outcomes. Interestingly, there has been no intellectual challenge to the refutation of Adam Smith’s invisible hand: individuals and firms, in the pursuit of their self-interest, are not necessarily, or in general, led as if by an invisible hand, to economic efficiency. The only question that has been raised concerns the ability of government to remedy the deficiencies of the market. Within academia, a significant fraction of economists are involved with developing and expanding on the ideas of imperfect information (and imperfect markets) that I explored. For instance, Edmund Phelps, this year’s Nobel Prize winner, belongs to this "school" of thought. But in political discourse, simplistic “market fundamentalism” continues to exert enormous influence.

 

Joseph E. Stiglitz