THE INVISIBLE HAND IN ECONOMICS by N. Emrah Aydinonat ( 9780415417839 )

Item Details

Title:

THE INVISIBLE HAND IN ECONOMICS
HOW ECONOMISTS EXPLAIN UNINTENDED SOCIAL CONSEQUENCES

By:

N. Emrah Aydinonat

Format:

Hardback

List price:

£150.00

Our price:

£135.00

Discount:

10% off

You save:

£15.00

ISBN 10:

041541783X

ISBN 13:

9780415417839

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Publisher:

TAYLOR & FRANCIS LTD

Pub. date:

14 February, 2008

Series:

Routledge INEM Advances in Economic Methodology v. 10

Pages:

272

Description:

Addressing the controversial concept of the invisible hand, this book questions, examines and explicates the strengths and weaknesses of the concept by analyzing its paradigmatic examples such as Carl Menger's "Origin of Money" and Thomas Schelling's famous checkerboard model of residential segregation.

Synopsis:

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.

Illustrations:

16 black & white illustrations, 12 black & white tables, 16 black & white

Publication:

Imprint:

Routledge

Returns:

Returnable

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