Beyond The Invisible Hand

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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.

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.

The Hand Behind The Invisible Hand

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Author : Karl Mittermaier
language : en
Publisher: Bristol University Press
Release Date : 2020-07-22

The Hand Behind The Invisible Hand written by Karl Mittermaier 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.

Invisible Hands

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Author : Jonathan Sheehan
language : en
Publisher: University of Chicago Press
Release Date : 2015-05-29

Invisible Hands written by Jonathan Sheehan and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-05-29 with History categories.

In "Invisible Hands," the historians Jonathan Sheehan and Dror Wahrman identify a defining feature of the eighteenth-century Enlightenment: the decline of God as a source of order in favor of a new model of self-organization. Sheehan and Warhman provide a novel account of how people on the threshold of modernity understood the continuing presence in the world of apparent disorder, randomness, and chance. If God no longer actively guaranteed that order will always prevail, what or whom did? The answer, the authors argue, was a new appreciation for complexity, new understandings of causality, and new functions for the divine hand. At the foundation of this novel way of thinking was the ability to imagine complex systems--be they natural or human--as "self-organizing." "Invisible Hands" maps and explains the intensifying presence of the languages of self-organization throughout the eighteenth century, proliferating as they did with ever greater sophistication across numerous intellectual domains and cultural arenas. For self-organization was less a theory than a field of new insights: insights into the dynamics of chance and randomness, into the relationship between agency and determinism, into the role of God in a world without hands-on providence."

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 And The Common Good

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Author : Bernard Hodgson
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-09

The Invisible Hand And The Common Good written by Bernard Hodgson and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-09 with Business & Economics categories.

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Slapped By The Invisible Hand

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Author : Gary B. Gorton
language : en
Publisher: Oxford University Press
Release Date : 2010-03-08

Slapped By The Invisible Hand written by Gary B. Gorton 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 2010-03-08 with Business & Economics categories.

Originally written for a conference of the Federal Reserve, Gary Gorton's "The Panic of 2007" garnered enormous attention and is considered by many to be the most convincing take on the recent economic meltdown. Now, in Slapped by the Invisible Hand, Gorton builds upon this seminal work, explaining how the securitized-banking system, the nexus of financial markets and instruments unknown to most people, stands at the heart of the financial crisis. Gorton shows that the Panic of 2007 was not so different from the Panics of 1907 or of 1893, except that, in 2007, most people had never heard of the markets that were involved, didn't know how they worked, or what their purposes were. Terms like subprime mortgage, asset-backed commercial paper conduit, structured investment vehicle, credit derivative, securitization, or repo market were meaningless. In this superb volume, Gorton makes all of this crystal clear. He shows that the securitized banking system is, in fact, a real banking system, allowing institutional investors and firms to make enormous, short-term deposits. But as any banking system, it was vulnerable to a panic. Indeed the events starting in August 2007 can best be understood not as a retail panic involving individuals, but as a wholesale panic involving institutions, where large financial firms "ran" on other financial firms, making the system insolvent. An authority on banking panics, Gorton is the ideal person to explain the financial calamity of 2007. Indeed, as the crisis unfolded, he was working inside an institution that played a central role in the collapse. Thus, this book presents the unparalleled and invaluable perspective of a top scholar who was also a key insider.

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 : 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.

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.

Law And The Invisible Hand

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Author : Robin Paul Malloy
language : en
Publisher: Cambridge University Press
Release Date : 2021-11-18

Law And The Invisible Hand written by Robin Paul Malloy and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-11-18 with Business & Economics categories.

Introduction : law's invisible hands -- Setting the stage -- Social organization in the informal realm -- Social organization in the formal realm -- Integrating the informal and formal in Smith's theory -- The spectator view -- Judgment and justice -- The sentiment of common interest -- The impartial spectator, homo-economicus, and homo-identitas -- Understanding the four stages of progress -- Adam Smith in American law -- Parting thoughts.