Eigennutz als Triebfeder des Wohlstands - die invisible hand im Hörsaal-Experiment sichtbar gemacht

Roland Kirstein and Schmidtchen Dieter

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2002, vol. 53, issue 1, 227-240

Abstract: In economics, like in any social science, empirical tests of theoretical results face the problem that the economy cannot be reproduced in laboratories. Drawing on the experience of psychology, experimental economics nowadays uses stylised experiments to test at least the basic assumptions of the economic theory of human behavior. The article describes a simple classroom experiment that serves as an empirical test of Adam Smith’s invisible-hand hypothesis. It demonstrates that competition works as a discovery procedure. The experiment is of high didactical value, since the students gain insights into empirical research and experience how markets work.

Date: 2002
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DOI: 10.1515/ordo-2002-0113

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