Equilibrium versus the Invisible Hand
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. Copyright 1999 by Kluwer Academic Publishers
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 12 (1999)
Issue (Month): 2 (November)
|Contact details of provider:|| Web page: http://www.springer.com|
Web page: http://www.sdaeonline.org/
More information through EDIRC
|Order Information:||Web: http://www.springer.com/economics/public+finance/journal/11138/PS2|
When requesting a correction, please mention this item's handle: RePEc:kap:revaec:v:12:y:1999:i:2:p:227-43. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If references are entirely missing, you can add them using this form.