Is the 'Invisible Hand' Theory Obsolete? A Critical Look at Free Market Assumptions

In a recent video posted on social media, political science researcher St. Gael challenges the widely accepted "Invisible Hand" economic theory, arguing that it fails to address the negative impact of corporate influence on the free market. Gael contends that the theory's assumption of self-regulation is flawed, leading to issues like housing unaffordability in California. "The lack of affordable housing isn't about the lack of housing; it's about housing that is unaffordable," Gael states in the video. The video also touches on the political implications of corporate power, suggesting that corporations exert undue influence on government decisions. Gael's analysis provides a critical perspective on economic theory and its real-world consequences, prompting a discussion about the role of government regulation in a free market.