Adrian Vermeule
- 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 ...
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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 modest sense that the justification is internally coherent and plausible (whether or not true in fact). The second aim is to identify several theoretical puzzles about invisible-hand justifications that cut across the local contexts in which such justifications are offered. These puzzles are genuine and irreducible dilemmas, which arise from the systemic structure and nature of invisible-hand reasoning: dilemma of norms; dilemma of second best; and dilemma of verification.Less
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 modest sense that the justification is internally coherent and plausible (whether or not true in fact). The second aim is to identify several theoretical puzzles about invisible-hand justifications that cut across the local contexts in which such justifications are offered. These puzzles are genuine and irreducible dilemmas, which arise from the systemic structure and nature of invisible-hand reasoning: dilemma of norms; dilemma of second best; and dilemma of verification.
Geoffrey Brennan and Philip Pettit
- 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 ...
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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 fairly abstractly, since the empirical groundwork for a more detailed program in institutional design is just not available. The economy of esteem, when it works for good, is an intangible hand that operates in parallel to the invisible hand of the market and the iron hand of the state. Intangible-hand regulation promises to be a particularly attractive and effective way for society to arrange its affairs. In particular, it promises to be more attractive and more effective in a number of respects than the more familiar alternatives.Less
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 fairly abstractly, since the empirical groundwork for a more detailed program in institutional design is just not available. The economy of esteem, when it works for good, is an intangible hand that operates in parallel to the invisible hand of the market and the iron hand of the state. Intangible-hand regulation promises to be a particularly attractive and effective way for society to arrange its affairs. In particular, it promises to be more attractive and more effective in a number of respects than the more familiar alternatives.
Edna Ullmann-Margalit
- 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 ...
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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 explanations of the emergence of practices and explanations of the persistence of practices. The kind of invisible-hand explanation that accounts for the emergence of practices might turn out to be altogether different from the kind that accounts for their persistence. The emergence of practices is often best explained by aggregating explanations: Diverse and dispersed action by numerous people might produce some kind of pattern, even if they did not foresee it or intend to bring it about. By contrast, practices often persist because of evolutionary explanations. They survive some sort of competition. Survival value may have nothing to do with the emergence of a practice in the first place.Less
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 explanations of the emergence of practices and explanations of the persistence of practices. The kind of invisible-hand explanation that accounts for the emergence of practices might turn out to be altogether different from the kind that accounts for their persistence. The emergence of practices is often best explained by aggregating explanations: Diverse and dispersed action by numerous people might produce some kind of pattern, even if they did not foresee it or intend to bring it about. By contrast, practices often persist because of evolutionary explanations. They survive some sort of competition. Survival value may have nothing to do with the emergence of a practice in the first place.
Giovanni Dosi, Mike Hobday, Luigi Marengo, and Andrea Prencipe
- 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. ...
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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. It argues that systems integrators (as firms) and systems integration (as a key capability within and across firms) perform a central function as the visible hand of much modern industrial activity, especially in complex products and systems. The latter includes a significant subset of capital goods, such as mobile communication systems, military systems, corporate information technology networks, train engines, aircraft, intelligent buildings, air traffic control systems, and tailored software packages.Less
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. It argues that systems integrators (as firms) and systems integration (as a key capability within and across firms) perform a central function as the visible hand of much modern industrial activity, especially in complex products and systems. The latter includes a significant subset of capital goods, such as mobile communication systems, military systems, corporate information technology networks, train engines, aircraft, intelligent buildings, air traffic control systems, and tailored software packages.
Ernesto Screpanti and Stefano Zamagni
- 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 ...
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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 philosophical level and the economic one. The Smithian orthodoxy is compared to the utilitarianism of Jeremy Bentham.Less
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 philosophical level and the economic one. The Smithian orthodoxy is compared to the utilitarianism of Jeremy Bentham.
Edna Ullmann-Margalit
- 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 ...
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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 career: in previous centuries it had been used to promote ideals of secular, enlightened progress, while in the twentieth and the twenty-first, it is used inversely to promote conservative reverence toward traditions. There are two main models for invisible-hand explanations, and the current, inverse, ideological use of the idea of the invisible hand by conservative circles as against liberals and social planners springs from not distinguishing between the two models.Less
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 career: in previous centuries it had been used to promote ideals of secular, enlightened progress, while in the twentieth and the twenty-first, it is used inversely to promote conservative reverence toward traditions. There are two main models for invisible-hand explanations, and the current, inverse, ideological use of the idea of the invisible hand by conservative circles as against liberals and social planners springs from not distinguishing between the two models.
William Talbott
- 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 ...
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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 stable rights-respecting democracies that solve their collective action problems, because while human beings are not angels (who always act from the moral standpoint), neither are they devils (who never act from the moral standpoint). He reviews Sen’s research on famines and psychological research on the ultimatum game and related games to show that most people are willing to incur at least small costs to promote fairness. Therefore, rights-respecting democracies (where rights are enforced by an independent judiciary) are able to solve the reliable feedback problem and the appropriate responsiveness problem to become more just over time. They are self-improving, self-regulating systems. Examples of movements of non-violent resistance (e.g., Gandhi and King) illustrate the process. The chapter concludes with a complete list of the basic human rights.Less
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 stable rights-respecting democracies that solve their collective action problems, because while human beings are not angels (who always act from the moral standpoint), neither are they devils (who never act from the moral standpoint). He reviews Sen’s research on famines and psychological research on the ultimatum game and related games to show that most people are willing to incur at least small costs to promote fairness. Therefore, rights-respecting democracies (where rights are enforced by an independent judiciary) are able to solve the reliable feedback problem and the appropriate responsiveness problem to become more just over time. They are self-improving, self-regulating systems. Examples of movements of non-violent resistance (e.g., Gandhi and King) illustrate the process. The chapter concludes with a complete list of the basic human rights.
Amos Funkenstein
- 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 ...
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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 described at length the slow process by which man created his social nature out of his initial brutish existence, arguing that it was a spontaneous process. Vico named this process “providence” and stressed time and again the oblique nature of its operation—unintended by individuals and unknown to them. A strong sense of the absolute autonomy and spontaneity of human history is common to all historical constructions of the invisible hand. From Vico to Marx, they envision the subject of history as capable of generating all of its institutions, beliefs, and achievements of itself.Less
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 described at length the slow process by which man created his social nature out of his initial brutish existence, arguing that it was a spontaneous process. Vico named this process “providence” and stressed time and again the oblique nature of its operation—unintended by individuals and unknown to them. A strong sense of the absolute autonomy and spontaneity of human history is common to all historical constructions of the invisible hand. From Vico to Marx, they envision the subject of history as capable of generating all of its institutions, beliefs, and achievements of itself.
Athol Fitzgibbons
- 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.
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.
Ian Simpson Ross
- 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 ...
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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 ought to act virtuously, Smith offers a sophisticated extension of the arguments of his teacher Hutcheson and a good friend, Hume, to the effect that our moral judgements are based on our sentiments, principally those of justice, benevolence, prudence, and propriety. The chief component of the system is the role of sympathy in human transactions, through which we naturally judge the motives and conduct of others, and then ourselves. Another main component in the system is the impartial spectator, a higher self as it were, identified as the source of our normative judgements. A further important part of the book is rejection of utility as an explanation of the origin of moral rules, but acceptance of it embodied in contemplative utilitarianism, which reveals that the selfish rich, gratifying their desires, are led by an invisible hand to divide with the poor the necessaries of life, almost in the measure that equal distribution would have ensured.Less
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 ought to act virtuously, Smith offers a sophisticated extension of the arguments of his teacher Hutcheson and a good friend, Hume, to the effect that our moral judgements are based on our sentiments, principally those of justice, benevolence, prudence, and propriety. The chief component of the system is the role of sympathy in human transactions, through which we naturally judge the motives and conduct of others, and then ourselves. Another main component in the system is the impartial spectator, a higher self as it were, identified as the source of our normative judgements. A further important part of the book is rejection of utility as an explanation of the origin of moral rules, but acceptance of it embodied in contemplative utilitarianism, which reveals that the selfish rich, gratifying their desires, are led by an invisible hand to divide with the poor the necessaries of life, almost in the measure that equal distribution would have ensured.
Stephen M. Gardiner
- 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 ...
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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 concern of distinctively intergenerational ethics, and (2) that it occurs both in a pure, long-term form manifest across human history and global populations, and also in degenerate forms which apply to shorter time periods and to social institutions. The problem is compared with the traditional prisoner's dilemma analysis, and climate change is offered as a leading example. Three major objections are also considered: the invisible hand, future uncertainty, and the philosophical non-identity problem made popular by Derek ParfitLess
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 concern of distinctively intergenerational ethics, and (2) that it occurs both in a pure, long-term form manifest across human history and global populations, and also in degenerate forms which apply to shorter time periods and to social institutions. The problem is compared with the traditional prisoner's dilemma analysis, and climate change is offered as a leading example. Three major objections are also considered: the invisible hand, future uncertainty, and the philosophical non-identity problem made popular by Derek Parfit
Giovanni Dosi, Mike Hobday, Luigi Marengo, and Andrea Prencipe
- 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
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 argue that systems integrators (as firms) and systems integration (as a key capability within and across firms) perform a central function as the visible hand of much modern industrial activity, especially in complex products and systems. The latter include a significant subset of capital goods such as mobile communication systems, military systems, corporate information technology networks, train engines, aircraft, intelligent buildings, air‐traffic control systems and tailored software packages.Less
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 argue that systems integrators (as firms) and systems integration (as a key capability within and across firms) perform a central function as the visible hand of much modern industrial activity, especially in complex products and systems. The latter include a significant subset of capital goods such as mobile communication systems, military systems, corporate information technology networks, train engines, aircraft, intelligent buildings, air‐traffic control systems and tailored software packages.
Jonathan Sheehan and Dror Wahrman
- 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 ...
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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 of texts from the 1750s. It then hones in on two clusters of the most sustained self-organizing thinking about economy and society in the eighteenth century: in France, in the circles of the Physiocrats, and especially in the writings of Anne-Robert-Jacques Turgot; and in Britain, in the Scottish Enlightenment, especially in the writings of David Hume, Adam Ferguson, and Adam Smith. The French and Scottish schools represented two different kinds of self-organizing narratives, diverging in their respective visions of the dynamic of the self-organizing system: one primarily an organic model of natural equilibrium, the other primarily an evolutionary model of human history. The chapter ends with a consideration of Adam Smith's “invisible hand” and with its literary afterlife.Less
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 of texts from the 1750s. It then hones in on two clusters of the most sustained self-organizing thinking about economy and society in the eighteenth century: in France, in the circles of the Physiocrats, and especially in the writings of Anne-Robert-Jacques Turgot; and in Britain, in the Scottish Enlightenment, especially in the writings of David Hume, Adam Ferguson, and Adam Smith. The French and Scottish schools represented two different kinds of self-organizing narratives, diverging in their respective visions of the dynamic of the self-organizing system: one primarily an organic model of natural equilibrium, the other primarily an evolutionary model of human history. The chapter ends with a consideration of Adam Smith's “invisible hand” and with its literary afterlife.
James A. Mirrlees
- 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 ...
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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 concepts of economic equilibrium, the invisible hand, and taxation, among others.Less
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 concepts of economic equilibrium, the invisible hand, and taxation, among others.
Eric Schliesser
- 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 ...
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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 processes are not identical to Smithian social explanations. Any given iteration of a Smithian invisible hand process is a relatively short-term process in which an agent produces unintended and, to him or her, unknown consequences. In invisible hand processes the consequences are, in principle, knowable to the right kind of observer (either theoretically informed or by accumulated common sense) at the time. By contrast, Smithian social explanations involve cases where the consequences are visible or knowable only after the fact. Generally they take place over much longer amounts of time than any given invisible hand process. Smithian social explanations can include invisible hand processes as sub-components (or mechanisms) but should not be conflated with these.Less
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 processes are not identical to Smithian social explanations. Any given iteration of a Smithian invisible hand process is a relatively short-term process in which an agent produces unintended and, to him or her, unknown consequences. In invisible hand processes the consequences are, in principle, knowable to the right kind of observer (either theoretically informed or by accumulated common sense) at the time. By contrast, Smithian social explanations involve cases where the consequences are visible or knowable only after the fact. Generally they take place over much longer amounts of time than any given invisible hand process. Smithian social explanations can include invisible hand processes as sub-components (or mechanisms) but should not be conflated with these.
Alan Burton-Jones
- 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 ...
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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 grow through the internalization and centralization of their processes until developments in computing and communications offered opportunities for decentralization, cost cutting, and less administrative complexity. Soon after that, the application of IT allowed improved coordination and production. Firms continue to grow and shrink simultaneously. This chapter discusses the types of transactions a firm will make, trends in employment, patterns of ownership, and control in a knowledge economy.Less
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 grow through the internalization and centralization of their processes until developments in computing and communications offered opportunities for decentralization, cost cutting, and less administrative complexity. Soon after that, the application of IT allowed improved coordination and production. Firms continue to grow and shrink simultaneously. This chapter discusses the types of transactions a firm will make, trends in employment, patterns of ownership, and control in a knowledge economy.
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 ...
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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 eighteenth century, Europeans reimagined the nature and origins of the many orders that they inhabited: natural, social, political, economic, and cognitive. In place of a universe governed by orderly connections between cause and effect and designed by a providential Divinity, this alternative vision combined a recognition of the world's disorder and chance with a new appreciation for complexity, new understandings of causality, and new functions for the divine hand. At the foundation of this novel way of thinking was the ability to imagine complex systems – be they natural or human – as self-organizing. The order of large systems, more and more eighteenth-century people came to believe, needed no external design or direction. Instead, it was immanent in the very operations of the systems themselves, and grew in unpredictable ways from the complex activity of their many parts. Invisible Hands charts how and why this new logic of emergent order burst into the open in the early eighteenth century, and how the languages of self-organization were subsequently applied throughout Western Europe and North America in varied and sometimes incompatible ways, to questions in a wide array of domains as far apart as religion and philosophy, science and economy, mathematics and social thought, and law and politics.Less
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 eighteenth century, Europeans reimagined the nature and origins of the many orders that they inhabited: natural, social, political, economic, and cognitive. In place of a universe governed by orderly connections between cause and effect and designed by a providential Divinity, this alternative vision combined a recognition of the world's disorder and chance with a new appreciation for complexity, new understandings of causality, and new functions for the divine hand. At the foundation of this novel way of thinking was the ability to imagine complex systems – be they natural or human – as self-organizing. The order of large systems, more and more eighteenth-century people came to believe, needed no external design or direction. Instead, it was immanent in the very operations of the systems themselves, and grew in unpredictable ways from the complex activity of their many parts. Invisible Hands charts how and why this new logic of emergent order burst into the open in the early eighteenth century, and how the languages of self-organization were subsequently applied throughout Western Europe and North America in varied and sometimes incompatible ways, to questions in a wide array of domains as far apart as religion and philosophy, science and economy, mathematics and social thought, and law and politics.
James R. Otteson
- 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 ...
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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 institutions are required for increasing prosperity. The chapter discusses the conception of “justice,” as opposed to “beneficence,” that Smith offered The Theory of Moral Sentiments (1759), as well as Smith’s economizer, local knowledge, and invisible hand arguments from his Wealth of Nations that form the basis of his political economy. We look at the duties of government implied by Smithian political economy, including both what he argues government should do and what it should not do. We also look at empirical evidence to answer the question of whether Smith’s predictions on behalf of his recommendations have come true in the intervening centuries.Less
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 institutions are required for increasing prosperity. The chapter discusses the conception of “justice,” as opposed to “beneficence,” that Smith offered The Theory of Moral Sentiments (1759), as well as Smith’s economizer, local knowledge, and invisible hand arguments from his Wealth of Nations that form the basis of his political economy. We look at the duties of government implied by Smithian political economy, including both what he argues government should do and what it should not do. We also look at empirical evidence to answer the question of whether Smith’s predictions on behalf of his recommendations have come true in the intervening centuries.
Lisa Herzog
- 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 ...
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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 read against the background of Smith’s whole philosophical system and his deistic metaphysics. It discusses the way in which his moral philosophy and his economic theory hang together and analyses his complex notion of ‘naturalness’, which includes a role for human design. This also applies to markets, which Smith sees as functioning only against an institutional framework of property rights and, importantly, impartial laws. Under these conditions markets can lead to a situation in which all members of society flourish. Smith thus turns out to be not only an economist, but also a political thinker who reflects on the relation between market and society.Less
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 read against the background of Smith’s whole philosophical system and his deistic metaphysics. It discusses the way in which his moral philosophy and his economic theory hang together and analyses his complex notion of ‘naturalness’, which includes a role for human design. This also applies to markets, which Smith sees as functioning only against an institutional framework of property rights and, importantly, impartial laws. Under these conditions markets can lead to a situation in which all members of society flourish. Smith thus turns out to be not only an economist, but also a political thinker who reflects on the relation between market and society.
N. W. Barber
- 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 ...
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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 these private entities. The first part of this chapter considers the apparent tension between the public and the private. The chapter then argues that, in contrast, the state should see the private realm as a necessary and beneficial counterpart to the public. This section invokes the idea of ‘invisible hand’ systems. It is an argument from the invisible hand that allows us to reconcile the restricted concern that is characteristic of the economic and social realms with the broader concern of the state, showing these to be complementary rather than set in tension. The chapter concludes by examining the constitutional structures needed to facilitate success in the private realm.Less
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 these private entities. The first part of this chapter considers the apparent tension between the public and the private. The chapter then argues that, in contrast, the state should see the private realm as a necessary and beneficial counterpart to the public. This section invokes the idea of ‘invisible hand’ systems. It is an argument from the invisible hand that allows us to reconcile the restricted concern that is characteristic of the economic and social realms with the broader concern of the state, showing these to be complementary rather than set in tension. The chapter concludes by examining the constitutional structures needed to facilitate success in the private realm.