The Invisible Hand

Author: Adam Smith
Publisher: Penguin UK
ISBN: 0141963352
Category : Business & Economics
Languages : en
Pages : 102

Book Description
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.

Beyond the Invisible Hand

Author: Kaushik Basu
Publisher: Princeton University Press
ISBN: 1400836271
Category : Business & Economics
Languages : en
Pages : 292

Book Description
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.

Law and the Invisible Hand

Author: Robin Paul Malloy
Publisher: Cambridge University Press
ISBN: 1108874606
Category : Law
Languages : en
Pages : 205

Book Description
A contemporary interpretation of Adam Smith's work on jurisprudence, revealing Smith's belief that progress emerges from cooperation and a commitment to justice. In Smith's theory, the tension between self–interest and the interests of others is mediated by law, so that the common interest of the community can be promoted. Moreover, Smith informs us that successful societies do at least three things well. They promote the common interest, advance justice through the rule of law, and they facilitate our natural desire to truck, barter, and exchange. In this process, law functions as an invisible force that holds society together and keeps it operating smoothly and productively. Law enhances social cooperation, facilitates trade, and extends the market. In these ways, law functions like Adam Smith's invisible hand, guiding and facilitating the progress of humankind.

The Hand Behind the Invisible Hand

Author: Karl Mittermaier
Publisher: Bristol University Press
ISBN: 1529209099
Category : Business & Economics
Languages : en
Pages : 278

Book Description
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.

The Invisible Hand?

Author: Bas van Bavel
Publisher: Oxford University Press
ISBN: 0191017671
Category : Business & Economics
Languages : en
Pages : 343

Book Description
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.

Mao's Invisible Hand

Author: Sebastian Heilmann
Publisher: BRILL
ISBN: 1684171164
Category : History
Languages : en
Pages : 336

Book Description
"Observers have been predicting the demise of China’s political system since Mao Zedong’s death over thirty years ago. The Chinese Communist state, however, seems to have become increasingly adept at responding to challenges ranging from leadership succession and popular unrest to administrative reorganization, legal institutionalization, and global economic integration. What political techniques and procedures have Chinese policymakers employed to manage the unsettling impact of the fastest sustained economic expansion in world history?As the authors of these essays demonstrate, China’s political system allows for more diverse and flexible input than would be predicted from its formal structures. Many contemporary methods of governance have their roots in techniques of policy generation and implementation dating to the revolution and early PRC—techniques that emphasize continual experimentation. China’s long revolution had given rise to this guerrilla-style decisionmaking as a way of dealing creatively with pervasive uncertainty. Thus, even in a post-revolutionary PRC, the invisible hand of Chairman Mao—tamed, tweaked, and transformed—plays an important role in China’s adaptive governance."

Landscape with Invisible Hand

Author: M. T. Anderson
Publisher: Candlewick Press
ISBN: 0763697230
Category : Young Adult Fiction
Languages : en
Pages : 159

Book Description
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.

Invisible Hands

Author: Jonathan Sheehan
Publisher: University of Chicago Press
ISBN: 0226824047
Category : History
Languages : en
Pages : 394

Book Description
A synthesis of eighteenth-century intellectual and cultural developments that offers an original explanation of how Enlightenment thought grappled with the problem of divine agency. Why is the world orderly, and how does this order come to be? Human beings inhabit a multitude of apparently ordered systems—natural, social, political, economic, cognitive, and others—whose origins and purposes are often obscure. In the eighteenth century, older certainties about such orders, rooted in either divine providence or the mechanical operations of nature, began to fall away. In their place arose a new appreciation for the complexity of things, a new recognition of the world’s disorder and randomness, new doubts about simple relations of cause and effect—but with them also a new ability to imagine the world’s orders, whether natural or manmade, as self-organizing. If large systems are left to their own devices, eighteenth-century Europeans increasingly came to believe, order will emerge on its own without any need for external design or direction. In Invisible Hands, Jonathan Sheehan and Dror Wahrman trace the many appearances of the language of self-organization in the eighteenth-century West. Across an array of domains, including religion, society, philosophy, science, politics, economy, and law, they show how and why this way of thinking came into the public view, then grew in prominence and arrived at the threshold of the nineteenth century in versatile, multifarious, and often surprising forms. Offering a new synthesis of intellectual and cultural developments, Invisible Hands is a landmark contribution to the history of the Enlightenment and eighteenth-century culture.

The Invisible Hand in Popular Culture

Author: Paul Arthur Cantor
Publisher: University Press of Kentucky
ISBN: 081314082X
Category : Social Science
Languages : en
Pages : 490

Book Description
Popular culture often champions freedom as the fundamentally American way of life and celebrates the virtues of independence and self-reliance. But film and television have also explored the tension between freedom and other core values, such as order and political stability. What may look like healthy, productive, and creative freedom from one point of view may look like chaos, anarchy, and a source of destructive conflict from another. Film and television continually pose the question: Can Americans deal with their problems on their own, or must they rely on political elites to manage their lives? In this groundbreaking work, Paul A. Cantor explores the ways in which television shows such as Star Trek, The X-Files, South Park, and Deadwood and films such as The Aviator and Mars Attacks! have portrayed both top-down and bottom-up models of order. Drawing on the works of John Locke, Adam Smith, Alexis de Tocqueville, and other proponents of freedom, Cantor contrasts the classical liberal vision of America -- particularly its emphasis on the virtues of spontaneous order -- with the Marxist understanding of the "culture industry" and the Hobbesian model of absolute state control. The Invisible Hand in Popular Culture concludes with a discussion of the impact of 9/11 on film and television, and the new anxieties emerging in contemporary alien-invasion narratives: the fear of a global technocracy that seeks to destroy the nuclear family, religious faith, local government, and other traditional bulwarks against the absolute state.

Slapped by the Invisible Hand

Author: Gary B. Gorton
Publisher: Oxford University Press
ISBN: 0199742111
Category : Business & Economics
Languages : en
Pages : 232

Book Description
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.