Complex Economic Systems

Colin Read

Chapter 17 in The Rise and Fall of an Economic Empire, 2010, pp 171-177 from Palgrave Macmillan

Abstract: Abstract The great strength of laissez-faire economics can also be its greatest weakness. The uncoordinated efforts of millions of economic participants, channeled through markets and priced through the invisible hand of the marketplace, produces incentives and innovations that can fuel dramatic economic growth. This same melee of human activity also gives rise to colossal coordination failures.

Keywords: Monetary Policy; Central Bank; Free Market; Commercial Bank; Invisible Hand (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-29707-4_18

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DOI: 10.1057/9780230297074_18

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