The Invisible Hand in Economics: How Economists Explain Unintended Social Consequences / Edition 1

The Invisible Hand in Economics: How Economists Explain Unintended Social Consequences / Edition 1

by N. Emrah Aydinonat
ISBN-10:
041541783X
ISBN-13:
9780415417839
Pub. Date:
02/14/2008
Publisher:
Taylor & Francis
ISBN-10:
041541783X
ISBN-13:
9780415417839
Pub. Date:
02/14/2008
Publisher:
Taylor & Francis
The Invisible Hand in Economics: How Economists Explain Unintended Social Consequences / Edition 1

The Invisible Hand in Economics: How Economists Explain Unintended Social Consequences / Edition 1

by N. Emrah Aydinonat
$170.0 Current price is , Original price is $170.0. You
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Overview

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 checkerboard 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.


Product Details

ISBN-13: 9780415417839
Publisher: Taylor & Francis
Publication date: 02/14/2008
Series: Routledge INEM Advances in Economic Methodology , #10
Pages: 272
Product dimensions: 6.20(w) x 9.30(h) x 0.80(d)

About the Author

N. Emrah Aydinonat is Lecturer in philosophy of economics and economic growth at Ankara University, Turkey.

Table of Contents

1. Introduction 2. Unintended Consequences 3. The Origin of Money 4. Segregation 5. The Invisible Hand 6. The Origin of Money Reconsidered 7. Models and Representation 8. Game Theory and Conventions. Conclusion

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