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The Irrelevance of the Invisible Hand

Author

Listed:
  • Hendrik Van den Berg
  • Matthew Van den Berg

Abstract

In one of the most original papers published in Challenge, Hendrik Van den Berg and Matthew Van den Berg try to determine whether markets are really complete enough to make the invisible hand a relevant concept. They attempt to calculate what proportion of our transactions does qualify. Some might disagree with how they do this, but their effort is worth scrutiny.

Suggested Citation

  • Hendrik Van den Berg & Matthew Van den Berg, 2012. "The Irrelevance of the Invisible Hand," Challenge, Taylor & Francis Journals, vol. 55(4), pages 24-49.
  • Handle: RePEc:mes:challe:v:55:y:2012:i:4:p:24-49
    DOI: 10.2753/0577-5132550402
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    References listed on IDEAS

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    1. Williamson, Oliver, 2009. "The Theory of the Firm as Governance Structure: From Choice to Contract," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 111-134, December.
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    4. Rothschild, Emma, 1994. "Adam Smith and the Invisible Hand," American Economic Review, American Economic Association, vol. 84(2), pages 319-322, May.
    5. Dolan, Paul & Peasgood, Tessa & White, Mathew, 2008. "Do we really know what makes us happy A review of the economic literature on the factors associated with subjective well-being," Journal of Economic Psychology, Elsevier, vol. 29(1), pages 94-122, February.
    6. Robert W. Fogel, 1999. "Catching Up with the Economy," American Economic Review, American Economic Association, vol. 89(1), pages 1-21, March.
    7. Demsetz, Harold, 1983. "The Structure of Ownership and the Theory of the Firm," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 375-390, June.
    8. Folbre, Nancy, 1994. "Children as Public Goods," American Economic Review, American Economic Association, vol. 84(2), pages 86-90, May.
    9. Dominik H. Enste & Friedrich Schneider, 2000. "Shadow Economies: Size, Causes, and Consequences," Journal of Economic Literature, American Economic Association, vol. 38(1), pages 77-114, March.
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