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Dilemmas of the Invisible Hand

Adrian Vermeule

in The System of the Constitution

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199838455
eISBN:
9780199932481
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199838455.003.0004
Subject:
Law, Constitutional and Administrative Law

The specific aims of this chapter are twofold. The first is to identify general conditions under which an invisible-hand justification of a given legal or political institution will succeed, in the ... More


The Intangible Hand in Profile

Geoffrey Brennan and Philip Pettit

in The Economy of Esteem: An Essay on Civil and Political Society

Published in print:
2004
Published Online:
November 2004
ISBN:
9780199246489
eISBN:
9780191601460
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199246483.003.0014
Subject:
Economics and Finance, Microeconomics

The economics of esteem can have a normative as well as a positive aspect, directing us to lessons in institutional design and policy-making. The case for this view is set out in these final chapters ... More


Invisible-Hand Explanations

Edna Ullmann-Margalit

in Normal Rationality: Decisions and Social Order

Published in print:
2017
Published Online:
September 2017
ISBN:
9780198802433
eISBN:
9780191840753
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198802433.003.0008
Subject:
Philosophy, Moral Philosophy, Philosophy of Mind

Invisible-hand explanations suggest that many social practices are a product of human action, but not human design. In coming to terms with such explanations, it is essential to distinguish between ... More


The Economics of Systems Integration: Towards an Evolutionary Interpretation

Giovanni Dosi, Mike Hobday, Luigi Marengo, and Andrea Prencipe

in The Business of Systems Integration

Published in print:
2005
Published Online:
September 2007
ISBN:
9780199263233
eISBN:
9780191718847
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199263233.003.0006
Subject:
Business and Management, Strategy

This chapter explores some theoretical elements of the economics of systems integration (and disintegration) by placing the idea of systems integration within the context of evolutionary economics. ... More


The Laissez-Faire Revolution and Smithian Economics

Ernesto Screpanti and Stefano Zamagni

in An Outline of the History of Economic Thought

Published in print:
2005
Published Online:
October 2005
ISBN:
9780199279142
eISBN:
9780191602887
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199279144.003.0003
Subject:
Economics and Finance, History of Economic Thought

The contribution of the Physiocratic School and the Italian School (Milan and Naples) is analysed. This is followed by a thorough investigation of Smithian's theoretical system, at both the ... More


The Invisible Hand and the Cunning of Reason

Edna Ullmann-Margalit

in Normal Rationality: Decisions and Social Order

Published in print:
2017
Published Online:
September 2017
ISBN:
9780198802433
eISBN:
9780191840753
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198802433.003.0009
Subject:
Philosophy, Moral Philosophy, Philosophy of Mind

The idea of the invisible hand has had an impact not only on the eighteenth and the nineteenth centuries but on the twentieth and twenty-first centuries as well, and it has had a curious ideological ... More


POLITICAL RIGHTS

William Talbott

in Which Rights Should Be Universal?

Published in print:
2005
Published Online:
April 2005
ISBN:
9780195173475
eISBN:
9780199835331
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195173473.003.0007
Subject:
Philosophy, General

In this chapter, Talbott considers the Hobbesian social contract defense of autocracy as necessary to solve its citizens’ collective action problems. He argues that human beings are able to form ... More


Divine Providence and the Course of History

Amos Funkenstein

in Theology and the Scientific Imagination

Published in print:
2018
Published Online:
May 2019
ISBN:
9780691181356
eISBN:
9780691184265
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691181356.003.0004
Subject:
History, History of Science, Technology, and Medicine

This chapter analyzes how, since the seventeenth century, versions of the invisible-hand explanation were employed to illuminate the course of history, the evolution of society. Giambattista Vico ... More


God and Nature

Athol Fitzgibbons

in Adam Smith's System of Liberty, Wealth, and Virtue: The Moral and Political Foundations of The Wealth of Nations

Published in print:
1997
Published Online:
November 2003
ISBN:
9780198292883
eISBN:
9780191596247
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198292880.003.0003
Subject:
Economics and Finance, History of Economic Thought

Describes Smith's methodology, and considers how he combined his Stoic view of the world with his commitment to Newtonian science. Smith's concept of Nature was supposed to reconcile the two.


The Making of The Theory of Moral Sentiments

Ian Simpson Ross

in The Life of Adam Smith

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198288213
eISBN:
9780191596827
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288212.003.0011
Subject:
Economics and Finance, History of Economic Thought

The capstone of Smith's years as a professor was the publication of TMS as a direct challenge to the egoistic theories of Hobbes and Mandeville, and Rousseau. In defining what virtue is and why we ... More


The Tyranny of the Contemporary

Stephen M. Gardiner

in A Perfect Moral Storm: The Ethical Tragedy of Climate Change

Published in print:
2011
Published Online:
September 2011
ISBN:
9780195379440
eISBN:
9780199897100
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195379440.003.0006
Subject:
Philosophy, Philosophy of Science

This chapter argues that the distant future poses a severe moral problem, the nature and extent of which has not yet been adequately appreciated. It also claims (1) that the problem is the main ... More


The Economics of Systems Integration: Towards an Evolutionary Interpretation

Giovanni Dosi, Mike Hobday, Luigi Marengo, and Andrea Prencipe

in The Business of Systems Integration

Published in print:
2003
Published Online:
January 2005
ISBN:
9780199263226
eISBN:
9780191718847
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199263221.003.0006
Subject:
Economics and Finance, Economic Systems

Explores some theoretical elements of the economics of systems integration (and disintegration) by placing the idea of systems integration within the context of evolutionary economics. The authors ... More


The Secret Concatenation of Society

Jonathan Sheehan and Dror Wahrman

in Invisible Hands: Self-Organization in the Eighteenth Century

Published in print:
2015
Published Online:
January 2016
ISBN:
9780226752051
eISBN:
9780226233741
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226233741.003.0006
Subject:
History, European Modern History

This chapter focuses on self-organization in human systems within economic and social thought. It begins by looking back at the variety of forms that self-organizing thinking took, through a sampling ... More


Information and Incentives: The Economics of Carrots and Sticks

James A. Mirrlees

in Welfare, Incentives, and Taxation

Published in print:
2006
Published Online:
October 2011
ISBN:
9780198295211
eISBN:
9780191685095
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198295211.003.0002
Subject:
Economics and Finance, Public and Welfare, Development, Growth, and Environmental

This chapter mostly discusses ignorance, and begins with an excerpt from Adam Smith's most famous contribution to economics, which is stated in The Theory of Moral Sentiments. It also discusses the ... More


Three Invisible Hands

Eric Schliesser

in Adam Smith: Systematic Philosopher and Public Thinker

Published in print:
2017
Published Online:
October 2017
ISBN:
9780190690120
eISBN:
9780190690151
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190690120.003.0010
Subject:
Philosophy, History of Philosophy

This chapter discusses the three versions of the invisible hand mentioned by Adam Smith in light of each other. It offers detailed contextual analysis in order to argue that Smithian invisible hand ... More


Knowledge, the Firm, and the Market

Alan Burton-Jones

in Knowledge Capitalism: Business, Work, and Learning in the New Economy

Published in print:
1999
Published Online:
October 2011
ISBN:
9780198296225
eISBN:
9780191685217
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198296225.003.0002
Subject:
Business and Management, Knowledge Management, Strategy

Adam Smith's notion of the ‘invisible hand’ is countered with Chandler's notion of a ‘visible hand’ that replaces market mechanisms in coordination and allocation of resources. Firms continued to ... More


Invisible Hands: Self-Organization in the Eighteenth Century

Jonathan Sheehan and Dror Wahrman

Published in print:
2015
Published Online:
January 2016
ISBN:
9780226752051
eISBN:
9780226233741
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226233741.001.0001
Subject:
History, European Modern History

Invisible Hands proposes a new synthesis of eighteenth-century intellectual and cultural developments that focuses on a new way of thinking about order and disorder. The book charts how, in the ... More


The Proper Context of Business

James R. Otteson

in Honorable Business: A Framework for Business in a Just and Humane Society

Published in print:
2019
Published Online:
March 2019
ISBN:
9780190914202
eISBN:
9780190914240
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190914202.003.0003
Subject:
Business and Management, Corporate Governance and Accountability, Strategy

Chapter 2 investigates the explanation Adam Smith gave in his famous Wealth of Nations (1776) for why some places are wealthier than others, and what political, economic, and other social ... More


Smith’s Construction of the Market: Nature’s Wise Contrivances

Lisa Herzog

in Inventing the Market: Smith, Hegel, and Political Theory

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199674176
eISBN:
9780191752179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199674176.003.0002
Subject:
Political Science, Political Theory, Political Economy

This chapter explores Adam Smith’s construction of the market, which is epitomized in the famous metaphor of the ‘invisible hand’. It argues that in order to understand it correctly, it needs to be ... More


Civil Society

N. W. Barber

in The Principles of Constitutionalism

Published in print:
2018
Published Online:
September 2018
ISBN:
9780198808145
eISBN:
9780191846007
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198808145.003.0005
Subject:
Law, Constitutional and Administrative Law

Civil society is the interface between the public and the private: the rules and dispositions that define the relationships between the state and other social institutions, shaping both the state and ... More


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