Adam Smith's invisible hand of the market was not invisible at all. It was and is thousands of buyers and thousands of sellers making millions of decisions every day. Currently, markets for agricultural commodities, food and energy are dominated by a few buyers (oligopsonies) or a few sellers (oligopolies). These markets are driven, not by Adam Smith's invisible hand, but by whims of oligops which, these days, are multinational corporations.
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Packers and Stockyards Act: A Sword in a Stone |
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Written by Harlan Hentges
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Wednesday, 27 August 2008 00:18 |
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Merlin the magician, legend has it, lodged the sword Excalibur in a stone where it would lie until taken up by the true King of England. As of August 12, 2008 the United States Department of Justice has laid its hands on its own sword in a stone -- the Packers and Stockyards Act. If it succeeds in taking up this sword, it will strike a great blow in defense of farmers, ranchers and consumers. |
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Last Updated ( Wednesday, 27 August 2008 13:35 )
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Written by Harlan Hentges
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Thursday, 07 August 2008 19:59 |
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The market has forced Monsanto to abandon Prosilac, a bovine growth hormone used to artificially boost milk production in cows. First, Monsanto could not convince enough consumers that milk from treated cows was as good as milk from untreated cows. Then, Monsanto could not convince enough governments to outlaw labels that revealed if the milk was from untreated cows. Now, Monsanto has decided sell its division that produces Prosilac. This would have happened long ago, but Monsanto persistently manipulated the market and suppressed information. |
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Last Updated ( Friday, 08 August 2008 02:03 )
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Wind Energy: Beware of Greeks Bearing Gifts |
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Written by Harlan Hentges
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Wednesday, 23 July 2008 12:18 |
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The Pickens Plan is a trojan horse, and yesterday, warriors hidden inside came pouring out. Pickens revealed his plan for the government to grant him the power of eminent domain, government subsidies for power transmission lines, and power to control those lines (as well as water pipelines) from his land in the Texas Panhandle to Dallas/Fort Worth. The Pickens Plan is being sold as a common sense effort to shift toward wind and solar power, but it includes a bold attempt to gain control over the market for alternative energy sources. |
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Last Updated ( Wednesday, 23 July 2008 14:32 )
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Legal Victory for Farmers against Pilgrims |
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Written by Harlan Hentges
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Monday, 21 July 2008 15:29 |
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Today, the United States Fifth Circuit Court of Appeals filed an opinion of great importance. It may, at long last, give farmers protetection from Pilgrim's Pride, Tyson Food, and other meatpackers that dominate the livestock markets. For decades, farmers have been denied this protection under the Packers and Stockyards Act ("PSA"). The opinion in Wheeler v. Pilgrim's Pride Corp, Case No. 07-40651 (5th Cir.) may change that. |
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Last Updated ( Monday, 21 July 2008 20:21 )
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