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Beyond the Invisible Hand

Beyond the Invisible Hand

Kaushik Basu

Kaushik Basu

One of the central tenets of mainstream economics is Adam Smith's proposition that, given certain conditions, self-interested behavior by individuals leads them to the social good, almost as if orchestrated by an invisible hand. This deep insight has, over the past two centuries, been taken out of context, contorted, and used as the cornerstone of

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