The Invisible Hand in Economics

The Invisible Hand in Economics
By:N. Emrah Aydinonat
Published on 2009-11 by Taylor & Francis

This is a book about one of the most controversial concepts in economics the invisible hand. The author explores the unintended social consequences implied by the invisible hand and discusses the mechanisms that bring about these consequences. The book questions, examines and explicates the strengths and weaknesses of invisible hand explanations concerning the emergence of institutions and macro-social structures, from a methodological and philosophical perspective. Aydinonat analyses paradigmatic examples of invisible-hand explanations, such as Carl Menger's `Origin of Money' and Thomas Schelling's famous chequerboard model of residential segregation in relation to contemporary models of emergence of money and segregation.Based on this analysis, he provides a fresh look at the philosophical literature on models and explanation and develops a philosophical framework for interpreting invisible hand type of explanations in economics and elsewhere. Finally, the author applies this framework to recent game theoretic models of institutions and outlines the way in which they should be evaluated. Covering areas such as history, philosophy of economics and game theory this book will appeal to philosophers of social science and historians of economic thought, as well as to practising economists.

This Book was ranked at 18 by Google Books for keyword economics explained.

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Book which was published by Taylor & Francis since 2009-11 have ISBNs, ISBN 13 Code is 9780415569545 and ISBN 10 Code is 0415569540

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