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Author: Robin Paul Malloy
Publisher: Cambridge University Press
ISBN: 1108874606
Category : Law
Languages : en
Pages : 205
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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.
Author: Robin Paul Malloy
Publisher: Cambridge University Press
ISBN: 1108874606
Category : Law
Languages : en
Pages : 205
Get Book Here
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.
Author: Stephen F. Befort
Publisher: Stanford University Press
ISBN: 080477126X
Category : Business & Economics
Languages : en
Pages : 419
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Book Description
The global financial crisis and recession have placed great strains on the free market ideology that has emphasized economic objectives and unregulated markets. The balance of economic and noneconomic goals is under the microscope in every sector of the economy. It is time to re-think the objectives of the employment relationship and the underlying assumptions of how that relationship operates. Invisible Hands, Invisible Objectives develops a fresh, holistic framework to fundamentally reexamine U.S. workplace regulation. A new scorecard for workplace law and public policy that embraces equity and voice for employees and economic efficiency will reveals significant deficiencies in our current practices. To create one, the authors—a legal scholar and an economics and industrial relations scholar—blend their expertise to propose a comprehensive set of reforms, tackling such issues as regulatory enforcement, portable employee benefits, training programs, living wages, workplace safety and health, work-family balance, security and social safety nets, nondiscrimination, good-cause dismissal, balanced income distributions, free speech protections for employees, individual and collective workplace decision-making, and labor unions. Invisible Hands, Invisible Objectives is not just another book that sketches a reform agenda. The book provides the much-needed rubric for how we think about employment policy specifically, but also economic policy more generally. It is a must-read in these most critical times.
Author: Adam Smith
Publisher: W. W. Norton & Company
ISBN: 0393242609
Category : Business & Economics
Languages : en
Pages : 353
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Book Description
Few writings are more often cited as a cornerstone of modern economic thought than those of Adam Smith. Few are less read. The sheer strength of his great work, The Wealth of Nations, discourages many from attempting to explore its rich and lucid arguments. In this brilliantly crafted volume, one of the most eminent economists of our day provides a generous selection from the entire body of Smith's work, ranging from his fascinating psychological observations on human nature to his famous treatise on what Smith called a "society of natural liberty," The Wealth of Nations. Among the works represented in this volume in addition to The Wealth of Nations are The History of Astronomy, Lectures on Jurisprudence, The Theory of Moral Sentiments, and Smith's correspondence with David Hume. Before each of Smith's writings Robert Heilbroner presents a clear and lively discussion that will interest the scholar as much as it will clarify the work for the non-specialist. Adam Smith emerges from this collection of his writings, as he does from his portrait in Professor Heilbroner's well-known book, as the first economist to deserve the title of "worldly philosopher."
Author: Matthew McCaffrey
Publisher: Cambridge University Press
ISBN: 1108839711
Category : Business & Economics
Languages : en
Pages : 263
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Book Description
Studies the economic order that governs virtual worlds and ways individuals work together to govern social relations in the digital space.
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.
Author: John Eatwell
Publisher: Springer
ISBN: 1349203130
Category : Business & Economics
Languages : en
Pages : 294
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Book Description
This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on the theory of the invisible hand.
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: Andrei Shleifer
Publisher: Harvard University Press
ISBN: 9780674010147
Category : Business & Economics
Languages : en
Pages : 296
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Book Description
In many countries, public sector institutions impose heavy burdens on economic life. As a consequence of predatory policies, entrepreneurship lingers and economies stagnate. The authors of this collection describe many of these pathologies of a "grabbing hand" government, and examine their consequences for growth.
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: 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.
