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Beyond the invisible hand : groundwork for a new economics

Author: Kaushik Basu
Publisher: Princeton ; Oxford : Princeton University Press, 2011.
Edition/Format:   Print book : EnglishView all editions and formats

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  Read more...


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Document Type: Book
All Authors / Contributors: Kaushik Basu
ISBN: 9780691137162 0691137161
OCLC Number: 750495848
Description: XV, [3], 273 s. ; 24 cm.
Contents: Preface ix Chapter 1: In Praise of Dissent 1 Discontent and Discourse 1 Smith's Myth 9 The Lay of the Land 11 On Understanding 13 Chapter 2: The Theory of the Invisible Hand 16 Competition and Social Welfare 16 The Standard Critiques 20 Chapter 3: The Limits of Orthodoxy 24 The Dual Interpretation 24 Evolving Feasible Set 27 Evolving Preference 31 Social Norms and Culture 33 A Comment on Incentive Compatibility 41 On Methodological Individualism 43 On Knowledge 49 Chapter 4: The Economy according to Law 55 Kafka's Invisible Hand 55 Law's Economy: The Standard View 57 The Law as Focal Point 60 Implications of the Focal View of Law 66 A Game-Theoretic Illustration of Law as Focal Point 71 A Research Agenda 73 Chapter 5: Markets and Discrimination 77 Do Free Markets Reduce Discrimination? 77 The Literature 79 The Self-Reinforcement of Productivity 83 The Entrepreneur 85 Toward a New Theoretical Model 89 Appendix: Aptitude Test Administered to Slum Children at Anandan in Calcutta 95 Chapter 6: The Chemistry of Groups 97 Identity and Methodological Individualism 97 The Ingredients of Theory 101 Altruism, Trust, and Development 104 The Janus Face of In-group Altruism 110 The Malignancy of Identity 120 Chapter 7: Contract, Coercion, and Intervention 130 Principle of Free Contract 130 Coercion and Voluntariness 138 The Large Numbers Argument 141 Acts and Rules 148 Multiple Equilibria 153 Domains of Intervention 155 Chapter 8: Poverty, Inequality, and Globalization 157 Governance and the Globe 157 Inequality 158 Some Facts of Globalization 161 Some Analytics of Globalization 165 Inequality and Poverty: The Quintile Axiom 167 Poverty-Minimizing Inequality, with or without Globalization 171 Policy Implications 176 Chapter 9: Globalization and the Retreat of Democracy 180 Democracy in Deficit 180 Globalization and Influence 185 Dollarization and Democracy 187 Democratic Global Institutions 189 Chapter 10: What Is to Be Done? 193 Interpreting the World and Changing It 193 The'Environmental Case' against Inequality 199 Despair and Hope 208 Notes 213 References 235 Index 259
Responsibility: Kaushik Basu.


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"Alluring... [Basu's] latest book, subtitled Groundwork for a New Economics, aims to show that many economists have dogmatically accepted capitalist theories as fact and have failed, as a result, to Read more...

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