Developed market regulation at the macro-level: an invisible hand, competition and the system requirements

A. Kogan

Journal of Modern Competition, 2007, issue 4, 98-103

Abstract: The main problems the economists are facing now are basically the same Adam Smith used to face 200 years ago. What is more, there are no breakthroughs in terms of their solving. This is the traditionalistic point of view upon the economic theory. The point was formulated by M. Friedman, a Nobel Prize winner, and it is appropriate to compare the economic concept and the modern physics concepts. According to R. Heilbroner, the economic systems which are a subject matter of economics, have a lot in common with the physics systems studied today.

Date: 2007
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