In the shadow of the invisible hand

Farhad Rassekh ()
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Farhad Rassekh: University of Hartford - Department of Economics

History of Economic Ideas, 2009, vol. 17, issue 3, 147-165

Abstract: An inherent affinity exits between the evolutionary interpretation of the invisible hand and the science of complexity. The evolutionary interpretation regards the market economy as an adaptive, self-organizing, and evolving process while the science of complexity studies the endogenous emergence of patterns and structures in complex systems. The invisible hand provides an intellectual and historical backdrop for the complexity science while certain tools and techniques in complexity have helped economists gain a deeper understanding of the market process and gaze at the invisible hand.

Date: 2009
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