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From the Invisible Hand to No Hand at All

In: Longrun Dynamics

Author

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  • Graeme Donald Snooks

    (Australian National University)

Abstract

A central issue in economics is what type of economic system will maximize economic growth. This has preoccupied economists from the time of Adam Smith to today. Should we rely on the outcomes of individual decision-making, or should we intervene in some way? But this simple question overlooks the complexity of reality. How is it possible for individuals pursuing their own self-interest to unintentionally create orderly institutional structures that not only operate surprisingly efficiently but generate relatively high rates of economic growth? Why is it not possible to devise more effective dynamic institutions? So far the answers provided by even the most imaginative economists have been less than persuasive.

Suggested Citation

  • Graeme Donald Snooks, 2000. "From the Invisible Hand to No Hand at All," Palgrave Macmillan Books, in: Longrun Dynamics, chapter 6, pages 81-88, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59939-0_6
    DOI: 10.1057/9780230599390_6
    as

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