Two optimistic traditions in the dismal science: rationalism and the "invisible hand"

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Two optimistic traditions in the dismal science: rationalism and the "invisible hand"

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Stan du Plessis () (Department of Economics, University of Stellenbosch)

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Stan Du Plessis

Abstract

This paper explores two traditions of optimism in economics. In one of these traditions optimism is based on the comprehension of a spontaneous (and often progressive) order in a decentralised (or market) economy – what I will call the optimism of the “invisible hand”. Against the optimism of the invisible hand stands another optimistic tradition in economics, whereby we might take courage from our ability to do right by society through instructing governments with the keen edge of our most enlightened plans. This tradition is called “constructivist rationalism” here. The paper explores the logic of each tradition and their historical development and applies both to a recent example of policy making in South Africa: government’s fundamental regulatory overhaul of the pharmaceutical industry based on the Medicines Act of 1997, specifically, the decision to implement price controls on medicines.

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Paper provided by Stellenbosch University, Department of Economics in its series Working Papers with number 07/2007.

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Date of creation: 2007
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Handle: RePEc:sza:wpaper:wpapers38

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Find related papers by JEL classification:
N10 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - General, International, or Comparative
N17 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Africa; Oceania
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
O49 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other
O55 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Africa

This paper has been announced in the following NEP Reports:

NEP-ALL-2007-05-12 (All new papers)
NEP-HPE-2007-05-12 (History & Philosophy of Economics)
NEP-LAW-2007-05-12 (Law & Economics)

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