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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.

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Genre: Business & Economics
Author: Adam Smith
Publisher: Penguin UK
Release: 2008-08-07
File: 144 Pages
ISBN-13: 9780141963358

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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.

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Genre: Business & Economics
Author: Kaushik Basu
Publisher: Princeton University Press
Release: 2016-08-02
File: 312 Pages
ISBN-13: 9780691173696

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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.

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Genre: Business & Economics
Author: John Eatwell
Publisher: Springer
Release: 1989-11-01
File: 283 Pages
ISBN-13: 9781349203130

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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."

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Genre: Business & Economics
Author: Adam Smith
Publisher: W. W. Norton & Company
Release: 1987-03-17
File: 352 Pages
ISBN-13: 9780393242607

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Invisible Hand: The Wealth of Adam Smith covers the main events in the life of this brilliant theorist, and explores the intellectual propositions of the founder of modern economics.A useful introductory tool for everyone interested in the history and evolution of ideas, this book shows that Smith was as much a moral philosopher as an economist. His works, The Wealth of Nations and The Theory of Moral Sentiments, complement each other.Adam Smith built the basis for a sound tradition of thought that defends freedom and common sense. He explored and developed ideas that are as valid and valuable today as they were when he wrote them..Andris Marroqumn has a B.A. in Economics (Summa Cum Laude) from Universidad Francisco Marroqumn in Guatemala. His personal web site is at http: //www.andresmarroquin.com

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Genre: Biography & Autobiography
Author: Andres Marroquin
Publisher: The Minerva Group, Inc.
Release: 2002-09-01
File: 164 Pages
ISBN-13: 9781410202888

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The 'invisible hand', Adam Smith's metaphor for the morality of capitalism, is explored in this text as being far more subtle and intricate than is usually understood, with many British realist fiction writers (Austen, Dickens, Gaskell, Eliot) having absorbed his model of ironic causality in complex societies and turned it to their own purposes.

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Genre: Literary Criticism
Author: E. Courtemanche
Publisher: Springer
Release: 2011-04-12
File: 251 Pages
ISBN-13: 9780230304987

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Henry Spearman, the balding economics professor with a knack for solving crimes, returns in The Mystery of the Invisible Hand—a clever whodunit of campus intrigue, stolen art, and murder. Having just won the Nobel Prize, Spearman accepts an invitation to lecture at Monte Vista University. He arrives in the wake of a puzzling art heist with plans to teach a course on art and economics—only to be faced with the alleged suicide of womanizing artist-in-residence Tristan Wheeler. When it becomes clear that Wheeler had serious enemies and a murderer is in their midst, Henry Spearman is on the case. Was Wheeler killed by a jilted lover, a cuckolded husband, or a beleaguered assistant? Could there have been a connection between Wheeler's marketability and his death? From the Monte Vista campus in San Antonio to the halls of Sotheby's in New York, Spearman traces the connections between economics and the art world, finding his clues in monopolies and the Coase conjecture, auction theory, and the work of Adam Smith. What are the parallels between a firm’s capital and an art museum’s collection? What does the market say about art’s authenticity versus its availability? And what is the mysterious "death effect" that lies at the heart of the case? Spearman must rely on his savviest economic insights to clear up this artful mystery and pin down a killer.

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Genre: Fiction
Author: Marshall Jevons
Publisher: Princeton University Press
Release: 2016-09-06
File: 352 Pages
ISBN-13: 9780691173085

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This is an innovative study of the techniques of domination, based on financial markets, judicial systems, academia and international relations, across North America and post-Soviet Russia. Ultimately, Oleinik seeks to provide an alternative to mainstream economic analyses of power.

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Genre: Business & Economics
Author: Anton N Oleinik
Publisher: Routledge
Release: 2015-10-06
File: 224 Pages
ISBN-13: 9781317317289

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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.

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Genre: Business & Economics
Author: Bas van Bavel
Publisher: Oxford University Press
Release: 2019-04-29
File: 351 Pages
ISBN-13: 9780192552419

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This carefully crafted ebook: “The Invisible Hand of the Market: The Theory of Moral Sentiments + The Wealth of Nations (2 Pioneering Studies of Capitalism)” is formatted for your eReader with a functional and detailed table of contents. The invisible hand of the market is a metaphor conceived by Adam Smith to describe the self-regulating behavior of the marketplace. The exact phrase is used just three times in Smith's writings, but has come to capture his important claim that individuals' efforts to maximize their own gains in a free market benefits society, even if the ambitious have no benevolent intentions. Smith came up with the two meanings of the phrase from Richard Cantillon who developed both economic applications in his model of the isolated estate. He first introduced the concept in The Theory of Moral Sentiments, written in 1759. In this work, however, the idea of the market is not discussed, and the word "capitalism" is never used. By the time he wrote The Wealth of Nations in 1776, Smith had studied the economic models of the French Physiocrats for many years, and in this work the invisible hand is more directly linked to the concept of the market: specifically that it is competition between buyers and sellers that channels the profit motive of individuals on both sides of the transaction such that improved products are produced and at lower costs. This process whereby competition channels ambition toward socially desirable ends comes out most clearly in The Wealth of Nations, Book I, Chapter 7. The idea of markets automatically channeling self-interest toward socially desirable ends is a central justification for the laissez-faire economic philosophy, which lies behind neoclassical economics. In this sense, the central disagreement between economic ideologies can be viewed as a disagreement about how powerful the "invisible hand" is.

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Genre: Philosophy
Author: Adam Smith
Publisher: e-artnow
Release: 2013-07-10
File: 477 Pages
ISBN-13: 9788074844393

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