Re: Re: Invisible foot

[Michael Hoover <hoov@xxxxxxxxxxxxxxxxx>]

> >Does anyone remember where and when the reference to the
> >"invisible foot" or "invisible elbow" (in reference to market failure due
> >to externalities) appeared?
> >Paul Phillips,
>
> E.K. Hunt describes the "Invisible Foot" in his 1980 "A Radical Critique of
> Welfare Economics" in Ed Nell, ed. _Growth, Profits, and Property_
> (Cambridge: U.P.) He wrote the article in the early 1970s, though, since
> that book took a long time to come out. His "invisible foot" refers to the
> way that profit-seeking individuals seek to externalize costs (at others'
> expense), which leads to the maximization of the public illth, just as
> Smith's "invisible hand" is seen as maximizing the public welfare.
> Jim Devine jdevine@xxxxxxx &  http://bellarmine.lmu.edu/~jdevine

'frugal visionary' Herman Daly used 'invisible foot' metaphor in reference
to externalities in his 1974 _Towards a Steady-State Economy_...
Michael Hoover