Beyond The Invisible Hand
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Beyond The Invisible Hand
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Author : Kaushik Basu
language : en
Publisher: Penguin UK
Release Date : 2011-03-10
Beyond The Invisible Hand written by Kaushik Basu and has been published by Penguin UK this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-10 with Literary Collections categories.
An impassioned and sharply nuanced critique of mainstream economics from one of India's leading economist One of the central tenets of economics is that, given certain conditions, self-interested behavior by individuals leads them to the social good, almost as if orchestrated by an invisible hand. However, over the past two centuries, this proposition first put forth by Adam Smith has been taken out of context, contorted, and used as the cornerstone of free-market orthodoxy. In Beyond the Invisible Hand, Kaushik Basu lays bare the implications of this gross misrepresentation of Smith's theory which, he argues, has resulted in hampering 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 to 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 calls for collective action and the need to shift our focus from the efficient society to one that is also fair. As Basu pointedly reminds us, by ignoring the role of culture and custom, traditional economics promotes the view that the current system is the only viable one, thereby only 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.
Beyond The Invisible Hand
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Author : Kaushik Basu
language : en
Publisher: Princeton University Press
Release Date : 2010-10-25
Beyond The Invisible Hand written by Kaushik Basu and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10-25 with Business & Economics categories.
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.
Beyond The Invisible Hand
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Author : Kaushik Basu
language : en
Publisher: Princeton University Press
Release Date : 2016-08-02
Beyond The Invisible Hand written by Kaushik Basu and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-02 with Business & Economics categories.
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.
The Hand Behind The Invisible Hand
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Author : Mittermaier, Karl
language : en
Publisher: Bristol University Press
Release Date : 2020-07-22
The Hand Behind The Invisible Hand written by Mittermaier, Karl and has been published by Bristol University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-22 with Business & Economics categories.
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.
Landscape With Invisible Hand
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Author : M. T. Anderson
language : en
Publisher: Candlewick Press
Release Date : 2017-09-12
Landscape With Invisible Hand written by M. T. Anderson and has been published by Candlewick Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-12 with Young Adult Fiction categories.
National Book Award winner M. T. Anderson returns to future Earth in a sharply wrought satire of art and truth in the midst of colonization. When the vuvv first landed, it came as a surprise to aspiring artist Adam and the rest of planet Earth — but not necessarily an unwelcome one. Can it really be called an invasion when the vuvv generously offered free advanced technology and cures for every illness imaginable? As it turns out, yes. With his parents’ jobs replaced by alien tech and no money for food, clean water, or the vuvv’s miraculous medicine, Adam and his girlfriend, Chloe, have to get creative to survive. And since the vuvv crave anything they deem classic Earth culture (doo-wop music, still life paintings of fruit, true love), recording 1950s-style dates for the vuvv to watch in a pay-per-minute format seems like a brilliant idea. But it’s hard for Adam and Chloe to sell true love when they hate each other more with every passing episode. Soon enough, Adam must decide how far he’s willing to go — and what he’s willing to sacrifice — to give the vuvv what they want.
The Other Invisible Hand
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Author : Julian Le Grand
language : en
Publisher: Princeton University Press
Release Date : 2009-01-10
The Other Invisible Hand written by Julian Le Grand and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-10 with Political Science categories.
How can we ensure high-quality public services such as health care and education? Governments spend huge amounts of public money on public services such as health, education, and social care, and yet the services that are actually delivered are often low quality, inefficiently run, unresponsive to their users, and inequitable in their distribution. In this book, Julian Le Grand argues that the best solution is to offer choice to users and to encourage competition among providers. Le Grand has just completed a period as policy advisor working within the British government at the highest levels, and from this he has gained evidence to support his earlier theoretical work and has experienced the political reality of putting public policy theory into practice. He examines four ways of delivering public services: trust; targets and performance management; "voice"; and choice and competition. He argues that, although all of these have their merits, in most situations policies that rely on extending choice and competition among providers have the most potential for delivering high-quality, efficient, responsive, and equitable services. But it is important that the relevant policies be appropriately designed, and this book provides a detailed discussion of the principal features that these policies should have in the context of health care and education. It concludes with a discussion of the politics of choice.
The Invisible Hand
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Author : Ayad Akhtar
language : en
Publisher: Bloomsbury Publishing
Release Date : 2016-07-21
The Invisible Hand written by Ayad Akhtar and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-21 with Performing Arts categories.
We are prisoners of a corrupt country of our own making American banker Nick Bright knows that his freedom comes at a price. Confined to a cell within the depths of rural Pakistan, every second counts. Who will decide his fate? His captors, or the whims of the market? Pulitzer Prize–winning playwright Ayad Akhtar has written an intense, fast-moving political thriller, which lays bare the raw, unfettered power of global finance. The Invisible Hand received its world premiere at the New York Theatre Workshop on 8 December 2014 and its UK premiere at the Tricycle Theatre, London, on 12 May 2016.
The Invisible Hand
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Author : Bas van Bavel
language : en
Publisher: Oxford University Press
Release Date : 2016-06-24
The Invisible Hand written by Bas van Bavel and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-24 with Business & Economics categories.
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.
Race And The Invisible Hand
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Author : Deirdre Royster
language : en
Publisher: Univ of California Press
Release Date : 2003-10-02
Race And The Invisible Hand written by Deirdre Royster and has been published by Univ of California Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-10-02 with Political Science categories.
From the time of Booker T. Washington to today, and William Julius Wilson, the advice dispensed to young black men has invariably been, "Get a trade." Deirdre Royster has put this folk wisdom to an empirical test—and, in Race and the Invisible Hand, exposes the subtleties and discrepancies of a workplace that favors the white job-seeker over the black. At the heart of this study is the question: Is there something about young black men that makes them less desirable as workers than their white peers? And if not, then why do black men trail white men in earnings and employment rates? Royster seeks an answer in the experiences of 25 black and 25 white men who graduated from the same vocational school and sought jobs in the same blue-collar labor market in the early 1990s. After seriously examining the educational performances, work ethics, and values of the black men for unique deficiencies, her study reveals the greatest difference between young black and white men—access to the kinds of contacts that really help in the job search and entry process.
Sociology Of The Invisible Hand
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Author : Adriana Mica
language : en
Publisher: Studies in Social Sciences, Philosophy and History of Ideas
Release Date : 2018
Sociology Of The Invisible Hand written by Adriana Mica and has been published by Studies in Social Sciences, Philosophy and History of Ideas this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Economics categories.
The book illustrates the applicability of the metaphor of the invisible hand in modern sociological theory and shows that sociologists have been part of a field mainly associated with economists/political philosophers. It describes the traditional and contemporary applicability of the sociological framing of the invisible hand for social sciences.