The Invisible Hand in Modern Macroeconomics

James Tobin

No 966, Cowles Foundation Discussion Papers from Cowles Foundation, Yale University

Abstract: The Invisible Hand, one of the Great Ideas of history and one of the most influential, is Adam Smith's most important legacy to macroeconomics, as to all economics. It is particularly important today as the ultimate inspiration for the New Classical Macroeconomics and for Real Business Cycle Theory. These are intellectual movements that engage many of the best brains in the profession, especially among younger cohorts and especially in the United States. They dominate the agenda even of theorists and econometricians who are skeptical or hostile to their methods and conclusions.

Keywords: Adam Smith; Invisible Hand; Keynes; macroeconomics; economic thought (search for similar items in EconPapers)
JEL-codes: B22 B31 (search for similar items in EconPapers)
Date: 1991-01
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