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Books > History > History of specific subjects > Economic history
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Beyond the Invisible Hand - Groundwork for a New Economics (Paperback)
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Beyond the Invisible Hand - Groundwork for a New Economics (Paperback)
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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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