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Author: Kaushik Basu
Publisher: Princeton University Press
ISBN: 1400836271
Category : Business & Economics
Languages : en
Pages : 292
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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.
Author: Kaushik Basu
Publisher: Princeton University Press
ISBN: 1400836271
Category : Business & Economics
Languages : en
Pages : 292
Get Book Here
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.
Author: M. T. Anderson
Publisher: Candlewick Press
ISBN: 0763697230
Category : Young Adult Fiction
Languages : en
Pages : 159
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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.
Author: Gary B. Gorton
Publisher: Oxford University Press
ISBN: 0199742111
Category : Business & Economics
Languages : en
Pages : 232
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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.
Author: Bas van Bavel
Publisher: Oxford University Press
ISBN: 0191017671
Category : Business & Economics
Languages : en
Pages : 343
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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.
Author: Karl Mittermaier
Publisher: Bristol University Press
ISBN: 1529209099
Category : Business & Economics
Languages : en
Pages : 278
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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.
Author: Deirdre Royster
Publisher: Univ of California Press
ISBN: 0520937376
Category : Political Science
Languages : en
Pages : 242
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Book Description
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.
Author: Ayad Akhtar
Publisher: Back Bay Books
ISBN: 0316324507
Category : Fiction
Languages : en
Pages : 127
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Book Description
A "tense, provocative" play (Seattle Times) from the author of Homeland Elegies and the Pulitzer Prize winner Disgraced -- a chilling examination of how far we will go to survive and the consequences of the choices we make. In remote Pakistan, Nick Bright awaits his fate. A successful financial trader, Nick is kidnapped by an Islamic militant group, but with no one negotiating his release, he agrees to an unusual plan. He will earn his own ransom by helping his captors manipulate and master the world commodities and currency markets.
Author: Paul Arthur Cantor
Publisher: University Press of Kentucky
ISBN: 081314082X
Category : Social Science
Languages : en
Pages : 490
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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.
Author: Kaushik Basu
Publisher: Princeton University Press
ISBN: 0691173699
Category : Business & Economics
Languages : en
Pages : 293
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Book Description
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: Marshall Jevons
Publisher: Princeton University Press
ISBN: 0691259356
Category : Fiction
Languages : en
Pages : 352
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Book Description
Economics professor and amateur detective Henry Spearman tackles a mystery where the price of art is murder In The Mystery of the Invisible Hand, Henry Spearman, an economics professor with a knack for solving crimes, is pulled into a case that mixes campus intrigue, stolen art, and murder. Arriving at San Antonio’s Monte Vista University to teach a course on art and economics, he is confronted with a puzzling art theft and the suspicious suicide of the school’s artist-in-residence. From Texas to New York, Spearman traces the connections between economics and the art world, finding his clues in monopolies, auction theory, and Adam Smith. How is a company’s capital like an art museum’s collection? What does the market say about art’s authenticity versus its availability? What is the mysterious “death effect”—and does it lie at the heart of the case? Spearman must rely on his savviest economic thinking to answer these questions—and pin down a killer.
