NDLI: Equilibrium Versus the Invisible Hand

Content Provider	Springer Nature Link
Author	Holcombe, Randall G.
Copyright Year	1999
Abstract	Twentieth century equilibrium modeling depicts an end state toward which an economy tends, whereas the invisible hand, as Adam Smith depicted it, suggests an economy continually progressing as an increased division of labor is produced by growing markets. Thus, there is an inherent tension between the concepts of an equilibrium outcome versus the invisible hand process. The paper discusses different concepts of equilibrium, and relates entrepreneurship to the invisible hand. The paper concludes that the invisible hand concept provides a more fruitful framework for economic analysis than the twentieth century equilibrium framework.
Starting Page	227
Ending Page	243
Page Count	17
File Format	PDF
ISSN	08893047
Journal	The Review of Austrian Economics
Volume Number	12
Issue Number	2
e-ISSN	15737128
Language	English
Publisher	Kluwer Academic Publishers
Publisher Date	1999-01-01
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Public Finance & Economics Methodology and the History of Economic Thought Political Science
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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Equilibrium Versus the Invisible Hand