The Invisible Hand In Economics

Author : Kaushik Basu
Publisher : Princeton University Press
Page : 292 pages
File Size : 52,5 Mb
Release : 2010-10-25
Category : Business & Economics
ISBN : 9781400836277

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Beyond the Invisible Hand by Kaushik Basu Pdf

Why economics needs to focus on fairness and not just efficiency One of the central tenets of mainstream economics is Adam Smith's proposition that, given certain conditions, self-interested behavior by individuals leads them to the social good, almost as if orchestrated by an invisible hand. This deep insight has, over the past two centuries, been taken out of context, contorted, and used as the cornerstone of free-market orthodoxy. In Beyond the Invisible Hand, Kaushik Basu argues that mainstream economics and its conservative popularizers have misrepresented Smith's insight and hampered our understanding of how economies function, why some economies fail and some succeed, and what the nature and role of state intervention might be. Comparing this view of the invisible hand with the vision described by Kafka—in which individuals pursuing their atomistic interests, devoid of moral compunction, end up creating a world that is mean and miserable—Basu argues for collective action and the need to shift our focus from the efficient society to one that is also fair. Using analytic tools from mainstream economics, the book challenges some of the precepts and propositions of mainstream economics. It maintains that, by ignoring the role of culture and custom, traditional economics promotes the view that the current system is the only viable one, thereby serving the interests of those who do well by this system. Beyond the Invisible Hand challenges readers to fundamentally rethink the assumptions underlying modern economic thought and proves that a more equitable society is both possible and sustainable, and hence worth striving for. By scrutinizing Adam Smith's theory, this impassioned critique of contemporary mainstream economics debunks traditional beliefs regarding best economic practices, self-interest, and the social good.

Author : N. Emrah Aydinonat
Publisher : Routledge
Page : 272 pages
File Size : 54,5 Mb
Release : 2008-02-19
Category : Business & Economics
ISBN : 9781134114276

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The Invisible Hand in Economics by N. Emrah Aydinonat Pdf

This is a book about one of the most controversial concepts in economics: the invisible hand. The author explores the unintended social consequences implied by the invisible hand and discusses the mechanisms that bring about these consequences. The book questions, examines and explicates the strengths and weaknesses of invisible-hand explanations concerning the emergence of institutions and macro-social structures, from a methodological and philosophical perspective. Aydinonat analyses paradigmatic examples of invisible-hand explanations such as Carl Menger’s ‘Origin of Money’ and Thomas Schelling’s famous checkerboard model of residential segregation in relation to contemporary models of emergence of money and segregation. Based on this analysis, he provides a fresh look at the philosophical literature on models and explanation and develops a philosophical framework for interpreting invisible-hand type of explanations in economics and elsewhere. Finally, the author applies this framework to recent game theoretic models of institutions and outlines the way in which they should be evaluated.

Author : Mittermaier, Karl
Publisher : Bristol University Press
Page : 278 pages
File Size : 44,9 Mb
Release : 2020-07-22
Category : Business & Economics
ISBN : 9781529209099

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The Hand Behind the Invisible Hand by Mittermaier, Karl Pdf

Available Open Access under CC-BY-NC-ND Made famous by the Enlightenment thinker Adam Smith, the concept of an ‘invisible hand’ might be taken to imply that a government that governs least governs the best, from the viewpoint of society. Here an invisible hand appears to represent unfettered market forces. Drawing from this much-contested notion, Mittermaier indicates why such a view represents only one side of the story and distinguishes between what he calls pragmatic and dogmatic free marketeers. Published posthumously, with new contributions by Daniel Klein, Rod O’Donnell and Christopher Torr, this book outlines Mittermaier’s main thesis and his relevance for ongoing debates within economics, politics, sociology and philosophy.

Author : Adam Smith
Publisher : Unknown
Page : 522 pages
File Size : 45,6 Mb
Release : 1822
Category : Economics
ISBN : UCAL:$B87540

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An Inquiry Into the Nature and Causes of the Wealth of Nations by Adam Smith Pdf

Author : John Eatwell,Murray Milgate,Peter Newman
Publisher : Springer
Page : 294 pages
File Size : 52,9 Mb
Release : 1989-11-01
Category : Business & Economics
ISBN : 9781349203130

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The Invisible Hand by John Eatwell,Murray Milgate,Peter Newman Pdf

This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on the theory of the invisible hand.

Author : Bernard Hodgson
Publisher : Springer Science & Business Media
Page : 466 pages
File Size : 42,9 Mb
Release : 2013-03-09
Category : Business & Economics
ISBN : 9783662103470

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The Invisible Hand and the Common Good by Bernard Hodgson Pdf

This volume consists of papers derived from the Ninth International Conference on Studies in Economic Ethics and Philosophy (SEEP), held at Trent University in Peterborough, Ontario, Canada, in June of 2002. Let me take this opportunity to express my appreciation to Professor Peter Koslowski for his original stimulus, encouragement, and continual assistance in making the Conference a success. I would also like to thank my Trent colleague, Professor David Holdsworth, for his steadfast help in the management of the Conference and the papers resulting from it. I am obliged to Mr. Louis Taylor of North George Studios in Peterborough for his expert professional service in preparing the manuscript for printing. Finally, let me gratefully acknowledge the generous financial sponsorship of the Conference by the Social Sciences and Humanities Research Council of Canada, and Trent University's Department of Philosophy and Graduate Centre for the Study of Theory, Culture, and Politics. Bernard Hodgson Department of Philosophy Trent University Peterborough, Ontario, Canada May 2004 Contents Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IX Introduction BERNARD HODGSON . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Part One Setting the Problem Chapter 1 Public Interest and Self-Interest in the Market and the Democratic Process PETER KOSLOWSKI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Chapter2 The Invisible Hand and Thinness of the Common Good RICHARD DE GEORGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 CONTENTS Part Two Constraining the Invisible Hand Chapter 3 Hiring Invisible Hands for Public Works EDWARDJ. NELL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Chapter4 A Market Failures Approach to Business Ethics JOSEPH HEATH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Chapter 5 Abstractions and Conceptual Automata in Economics and Non-Economics STEPHEN REGOCZEI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Author : Adam Smith
Publisher : Penguin UK
Page : 102 pages
File Size : 44,8 Mb
Release : 2008-08-07
Category : Business & Economics
ISBN : 9780141963358

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The Invisible Hand by Adam Smith Pdf

Adam Smith’s landmark treatise on the free market paved the way for modern capitalism, arguing that competition is the engine of a productive society, and that self-interest will eventually come to enrich the whole community, as if by an ‘invisible hand’. Throughout history, some books have changed the world. They have transformed the way we see ourselves – and each other. They have inspired debate, dissent, war and revolution. They have enlightened, outraged, provoked and comforted. They have enriched lives – and destroyed them. Now Penguin brings you the works of the great thinkers, pioneers, radicals and visionaries whose ideas shook civilization and helped make us who we are.

Author : Adam Smith
Publisher : DigiCat
Page : 1599 pages
File Size : 54,7 Mb
Release : 2024-01-01
Category : Philosophy
ISBN : EAN:8596547771005

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The Invisible Hand of the Market: The Theory of Moral Sentiments + The Wealth of Nations by Adam Smith Pdf

This carefully crafted ebook: "The Invisible Hand of the Market: The Theory of Moral Sentiments + The Wealth of Nations (2 Pioneering Studies of Capitalism)" is formatted for your eReader with a functional and detailed table of contents. The invisible hand of the market is a metaphor conceived by Adam Smith to describe the self-regulating behavior of the marketplace. The exact phrase is used just three times in Smith's writings, but has come to capture his important claim that individuals' efforts to maximize their own gains in a free market benefits society, even if the ambitious have no benevolent intentions. Smith came up with the two meanings of the phrase from Richard Cantillon who developed both economic applications in his model of the isolated estate. He first introduced the concept in The Theory of Moral Sentiments, written in 1759. In this work, however, the idea of the market is not discussed, and the word "capitalism" is never used. By the time he wrote The Wealth of Nations in 1776, Smith had studied the economic models of the French Physiocrats for many years, and in this work the invisible hand is more directly linked to the concept of the market: specifically that it is competition between buyers and sellers that channels the profit motive of individuals on both sides of the transaction such that improved products are produced and at lower costs.

Author : Adam Smith
Publisher : W. W. Norton & Company
Page : 352 pages
File Size : 49,5 Mb
Release : 1987-03-17
Category : Business & Economics
ISBN : 9780393242607

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The Essential Adam Smith by Adam Smith Pdf

Few writings are more often cited as a cornerstone of modern economic thought than those of Adam Smith. Few are less read. The sheer strength of his great work, The Wealth of Nations, discourages many from attempting to explore its rich and lucid arguments. In this brilliantly crafted volume, one of the most eminent economists of our day provides a generous selection from the entire body of Smith's work, ranging from his fascinating psychological observations on human nature to his famous treatise on what Smith called a "society of natural liberty," The Wealth of Nations. Among the works represented in this volume in addition to The Wealth of Nations are The History of Astronomy, Lectures on Jurisprudence, The Theory of Moral Sentiments, and Smith's correspondence with David Hume. Before each of Smith's writings Robert Heilbroner presents a clear and lively discussion that will interest the scholar as much as it will clarify the work for the non-specialist. Adam Smith emerges from this collection of his writings, as he does from his portrait in Professor Heilbroner's well-known book, as the first economist to deserve the title of "worldly philosopher."

Author : Anonim
Publisher : Taylor & Francis
Page : 271 pages
File Size : 49,9 Mb
Release : 2024-06-01
Category : Electronic
ISBN : 9780415569545

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The Invisible Hand in Economics by Anonim Pdf

Author : M. White
Publisher : Springer
Page : 197 pages
File Size : 46,7 Mb
Release : 2010-11-08
Category : Business & Economics
ISBN : 9780230114319

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Accepting the Invisible Hand by M. White Pdf

This collection of essays by prominent economists and philosophers showcases the important contributions that markets can make to important topics within social economics, including practical issues such as poverty and disaster relief, as well as more general concerns regarding ethics and well-being.

Author : Bas van Bavel
Publisher : Oxford University Press
Page : 320 pages
File Size : 49,6 Mb
Release : 2016-06-24
Category : Business & Economics
ISBN : 9780191017674

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The Invisible Hand? by Bas van Bavel Pdf

The Invisible Hand offers a radical departure from the conventional wisdom of economists and economic historians, by showing that 'factor markets' and the economies dominated by them — the market economies — are not modern, but have existed at various times in the past. They rise, stagnate, and decline; and consist of very different combinations of institutions embedded in very different societies. These market economies create flexibility and high mobility in the exchange of land, labour, and capital, and initially they generate economic growth, although they also build on existing social structures, as well as existing exchange and allocation systems. The dynamism that results from the rise of factor markets leads to the rise of new market elites who accumulate land and capital, and use wage labour extensively to make their wealth profitable. In the long term, this creates social polarization and a decline of average welfare. As these new elites gradually translate their economic wealth into political leverage, it also creates institutional sclerosis, and finally makes these markets stagnate or decline again. This process is analysed across the three major, pre-industrial examples of successful market economies in western Eurasia: Iraq in the early Middle Ages, Italy in the high Middle Ages, and the Low Countries in the late Middle Ages and the early modern period, and then parallels drawn to England and the United States in the modern period. These areas successively saw a rapid rise of factor markets and the associated dynamism, followed by stagnation, which enables an in-depth investigation of the causes and results of this process.

Author : Norman P. Barry
Publisher : Unknown
Page : 100 pages
File Size : 43,9 Mb
Release : 1988
Category : Business & Economics
ISBN : STANFORD:36105034324579

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The Invisible Hand in Economics and Politics by Norman P. Barry Pdf

Author : Anton N Oleinik
Publisher : Routledge
Page : 235 pages
File Size : 46,5 Mb
Release : 2015-10-06
Category : Business & Economics
ISBN : 9781317317289

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The Invisible Hand of Power by Anton N Oleinik Pdf

This is an innovative study of the techniques of domination, based on financial markets, judicial systems, academia and international relations, across North America and post-Soviet Russia. Ultimately, Oleinik seeks to provide an alternative to mainstream economic analyses of power.

Author : Matthew McCaffrey
Publisher : Cambridge University Press
Page : 263 pages
File Size : 52,8 Mb
Release : 2022-02-03
Category : Business & Economics
ISBN : 9781108839716

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The Invisible Hand in Virtual Worlds by Matthew McCaffrey Pdf

Studies the economic order that governs virtual worlds and ways individuals work together to govern social relations in the digital space.