The Invisible Hand in Economics

How Economists Explain Unintended Social Consequences

    Research output: Book/ReportBookScientificpeer-review

    Abstract

    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 type of explanations of 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.

    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 practicing economists.
    Original languageEnglish
    Place of PublicationLondon
    PublisherRoutledge
    ISBN (Print)9780415569545, 9780415417839
    Publication statusPublished - 2008
    MoE publication typeC1 Scientific book

    Fields of Science

    • 511 Economics
    • Philosophy of economics
    • History of economic thought
    • Game theory
    • Spontaneous order
    • invisible hand
    • explanation
    • models

    Cite this

    @book{83dfa426a9974be98037e4cd7c767d14,
    title = "The Invisible Hand in Economics: How Economists Explain Unintended Social Consequences",
    abstract = "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 type of explanations of 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.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 practicing economists.",
    keywords = "511 Economics, Philosophy of economics, History of economic thought, Game theory, Spontaneous order, invisible hand, explanation, models",
    author = "Aydinonat, {Nuri Emrah}",
    year = "2008",
    language = "English",
    isbn = "9780415569545",
    publisher = "Routledge",
    address = "International",

    }

    The Invisible Hand in Economics : How Economists Explain Unintended Social Consequences. / Aydinonat, Nuri Emrah.

    London : Routledge, 2008.

    Research output: Book/ReportBookScientificpeer-review

    TY - BOOK

    T1 - The Invisible Hand in Economics

    T2 - How Economists Explain Unintended Social Consequences

    AU - Aydinonat, Nuri Emrah

    PY - 2008

    Y1 - 2008

    N2 - 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 type of explanations of 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.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 practicing economists.

    AB - 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 type of explanations of 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.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 practicing economists.

    KW - 511 Economics

    KW - Philosophy of economics

    KW - History of economic thought

    KW - Game theory

    KW - Spontaneous order

    KW - invisible hand

    KW - explanation

    KW - models

    UR - https://www.routledge.com/products/9780415569545

    M3 - Book

    SN - 9780415569545

    SN - 9780415417839

    BT - The Invisible Hand in Economics

    PB - Routledge

    CY - London

    ER -