What is the sound of an invisible hand playing a MIDI controller?

Yes, in the latest evidence that the Interwebs really are Douglas Adams’ imagined Infinite Improbability Drive, a conversation from CDM’s humble forums about the economics of Radio Shack and MIDI jacks has led to a blog response from a non-musician defending the true legacy of Adam Smith.

I’m serious. I’m not just, you know, dumbing down CDM and pandering to the economist audience to pick up cute economist girls.

The blogger also feels our forum poster say “dude” too much. Like, whatever. Don’t have a cow, man.

It started with a thread about the ridiculous price of electronics. (Personally, I wouldn’t try to extrapolate any kind of larger economic theory from a chain run as badly as Radio Shack has been under recent management, but our posters did, and I digress.)

UK economic blogger Gavin Kennedy fires back:

The myths about the invisible hand are widespread and deep. It has been switched from supporting an argument of Adam Smith about risk-avoiding merchants contemplating the risks of foreign trade into an all purpose guide to individuals in markets …

The real wonder about markets is that there is no central direction; there are no invisible hands, feet, or disembodied parts, guiding anybody. There does not need to be! The relative prices of whatever is exchanged are the only guides needed. It’s called the price system. That’s what Adam Smith actually said.

And he compares the myth of the invisible hand to the myth of Santa Clau– hey, stop crying, Suzie. I’m only joking. The invisible guiding direction of market economics is real, and it’s going to bring you a MicroKORG next Christmas, but that’s not until December and your birthday isn’t even until October.

Ahem.

Of course, Gavin is right.

Image credits: gravestone of Adam Smith, Duncan; gravestone of Radio Shack, Куртис Перри.