Beyond the Invisible Hand

Groundwork for a New Economics

Business & Finance, Economics, Theory of Economics, Economic History
Cover of the book Beyond the Invisible Hand by Kaushik Basu, Princeton University Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Kaushik Basu ISBN: 9781400836277
Publisher: Princeton University Press Publication: October 25, 2010
Imprint: Princeton University Press Language: English
Author: Kaushik Basu
ISBN: 9781400836277
Publisher: Princeton University Press
Publication: October 25, 2010
Imprint: Princeton University Press
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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.

More books from Princeton University Press

Cover of the book Condensed Matter in a Nutshell by Kaushik Basu
Cover of the book In the Blood by Kaushik Basu
Cover of the book Peace and Penance in Late Medieval Italy by Kaushik Basu
Cover of the book Explaining the Cosmos by Kaushik Basu
Cover of the book Karl Marx by Kaushik Basu
Cover of the book Deep Life by Kaushik Basu
Cover of the book Economy of the Unlost by Kaushik Basu
Cover of the book Kierkegaard's Writings, IX, Volume 9 by Kaushik Basu
Cover of the book Athens on Trial by Kaushik Basu
Cover of the book Reflections on the Musical Mind by Kaushik Basu
Cover of the book The Poetess Counts to 100 and Bows Out by Kaushik Basu
Cover of the book Why You Hear What You Hear by Kaushik Basu
Cover of the book Politics in Time by Kaushik Basu
Cover of the book Economic Lives by Kaushik Basu
Cover of the book Weyl Group Multiple Dirichlet Series by Kaushik Basu
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy