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The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics

Year 2023, Volume: 31 Issue: 57, 131 - 155, 26.07.2023
https://doi.org/10.17233/sosyoekonomi.2023.03.07

Abstract

The invisible hand is one of the most familiar and misunderstood concepts popularised by Adam Smith. Smith is the pioneer of the recognisance of economics as a social science. Thanks to the invisible hand mechanism, Smith argues that all economic activities in markets have no shortage of state intervention thanks to perfect competition. Markets consistently and spontaneously come to equilibrium at the full employment level via that. However, this mechanism is a myth, learned worldwide for years. Since the historical process, the state has always been at the stage in the constitution of a market order in economies. However, the underlined roles of the state have evolved correspondingly with the evolution of economic theories. In this context, the economic theories that have specified the general framework of economics are discussed in this paper. Eventually, it is concluded that the state always remains at the forefront of economies as a mechanism that backs up the formation of the market economy. Further, the process of COVID-19, which is expected to licking a new shape to economic theories, has also been investigated very briefly in this connection.

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References

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Görünmez El Miti: İktisadın Anlaşılmayan ve Yanlış Kullanılan Kavramı Üzerine Bir Tartışma

Year 2023, Volume: 31 Issue: 57, 131 - 155, 26.07.2023
https://doi.org/10.17233/sosyoekonomi.2023.03.07

Abstract

Görünmez el, Adam Smith tarafından popülerleştirilen kavramların en bilineni ve belki de en yanlış anlaşılanıdır. Smith, iktisadın sosyal bir bilim olarak kabul edilmesine öncülük etmiştir. Görünmez el mekanizması vasıtasıyla piyasalarda gerçekleştirilen tüm ekonomik faaliyetlerin herhangi bir müdahaleye gerek olmaksızın yönlendirilebileceğini ve piyasaların daima dengeye getirilebileceğini savunmuştur. Ancak yıllardır tüm dünyada bu tanımlarla öğretilen bu mekanizma, aslında bir mitten ibarettir. Zira tarihsel süreç içerisinde devlet, ekonomilerde piyasa düzeninin oluşturulmasında her zaman ön planda yer alan bir aktör konumundadır. Ancak devletin altı çizilen rolleri, iktisat teorilerindeki evrime paralel olarak değişmiştir. Bu bağlamda makalede, dünyada ekonomi politikalarının genel çerçevesini belirleyen iktisat teorileri tartışılmıştır. Devletin piyasa ekonomisini kuran bir mekanizma olarak, ekonomilerde her zaman sahnede olduğu sonucuna varılmıştır. Ayrıca, dünyada iktisat teorilerine yeni bir şekil vermesi beklenen COVID-19 süreci de kısaca bu kapsamda incelenmiştir.

Project Number

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References

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  • Bergquist, S. et al. (2020), “COVID-19 Pandemic in the United States”, Health Policy and Technology, 9(4), 623-638.
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  • Burnham, P. (1999), “The politics of economic management in the 1990s”, New Political Economy, 4(1), 37-54.
  • Campbell, J. (2011), “The US financial crisis: lessons for theories of institutional complementarity”, Socio-Economic Review, 9, 211-234.
  • Cangiani, M. (2011), “Karl Polanyi’s institutional theory: Market society and its ‘disembedded’ economy”, Journal of Economic Issues, 45(1), 177-198.
  • Carr, E.H. (1964/1946), The Twenty Years’ Crisis 1919-1939. An Introduction to the Study of International Relations, (2nd edition), New York: Harper Row.
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  • Clift, B. (2019), “The hollowing out of monetarism: The rise of rules-based monetary policy-making in the UK and US and problems with the paradigm change framework”, Comparative European Politics, 18, 1-28.
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  • Cotoi, C. (2011), “Neoliberalism: a Foucauldian perspective”, International Review of Social Research, (2), 109-124.
  • Crotty, J. & K-K. Lee (2005), “From East Asian ‘miracle’ to neo-liberal ‘mediocrity’: the effects of liberalization and financial opening on the post-crisis Korean Economy”, Global Economic Review, 34(4), 415-434.
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  • Destici, A. & T. Tekerek (2008), Serbest piyasa çöktü mü tartışması, <https://www.milliyet.com.tr/ekonomi/serbest-piyasa-coktu-mu-tartismasi-994630>, 23.08.2022.
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  • Duménil, G. & D. Levy (2005), “Costs and benefits of neoliberalism: a class analysis”, in: G. Epstein (ed.), Financialization and the World Economy, (17-45), Northampton, US: Edward Elgar.
  • Duménil, G. & D. Levy (2011), The crisis of neoliberalism, Cambridge: Harvard University Press.
  • Duménil, G. & D. Lévy (2015), “Neoliberal managerial capitalism: Another reading of the Piketty, Saez, and Zucman data”, International Journal of Political Economy, 44(2), 71-89.
  • Dwyer, J. (2005), “Ethics and Economics: Bridging Adam Smith's Theory of Moral Sentiments and Wealth of Nations”, Journal of British Studies, 44(4), 662-687.
  • Eroğlu, E. & G. Tunç (2018), “Devletin yeniden ölçeklenmesi ve finansallaşma: Yerel yönetimlerin mali etkinliklerinin değerlendirilmesi”, Emek Araştırma Dergisi, 9(14), 23-50.
  • Erokhin, V. & T. Gao (2020), “Impacts of COVID-19 on trade and economic aspects of food security: Evidence from 45 developing countries”, International Journal of Environmental Research and Public Health, 17(16), 57-75.
  • Fazi, T. (2020), Could Covid-19 vanquish neoliberalism?, <https://unherd.com/2020/04/could-covid-19-vanquish-neoliberalism/>, 23.08.2022.
  • Gill, S. (1995), “The global panopticon? The neoliberal state, economic life, and democratic surveillance”, Alternatives, 20(1), 1-49.
  • Glassman, J. & P. Carmody (2001), “Structural adjustment in East and Southeast Asia: lessons from Latin America”, Geoforum, 32(1), 77-90.
  • Goodhart, C. (2014), “Lessons for monetary policy from the Euro-Area crisis”, Journal of Macroeconomics, 39, 378-382.
  • Gowan, P. (2009), “Crisis in the heartland: consequences of the new Wall Street system”, Estudos Avançados, 23, 49-72.
  • Graeber, D. (2011), Debt. The first five thousand years, New York: Melville House.
  • Green, J. & S. Lavery (2018), “After Neoliberalisation? Monetary indiscipline, crisis and the state”, Transactions of the Institute of British Geographers, 43(1), 79-94.
  • Harvey, D. (2005), A brief history of Neoliberalism, US: Oxford University Press.
  • Helleiner, E. (2003), “Economic liberalism and its critics: The past as prologue?”, Review of International Political Economy, 10(4), 685-696.
  • Hellwig, T.T. (2005), “The origins of unemployment insurance in Britain: A cross-class alliance approach”, Social Science History, 29(1), 107-136.
  • Hill, L. (2001), “The hidden theology of Adam Smith”, European Journal of the History of Economic Thought, 8(1), 1-29.
  • Hirst, P. & G. Thompson (2007[1996]), Küreselleşme Sorgulanıyor, (Çev. Ç. Erdem & E. Yücel), Ankara: Dost.
  • Hobsbawm, E. (2006[1994]), Kısa Yirminci Yüzyıl Aşırılıklar Çağı 1914-1991, (Çev. Y. Alogan), İstanbul: Everest.
  • Hoogvelt, A. (1997), Globalisation and the postcolonial World: The new political economy of development, London: Macmillan.
  • Humphries, J. (1981), “Protective legislation, the capitalist state, and working class men: the case of the 1842 Mines Regulation Act”, Feminist Review, 7(1), 1-33.
  • Hutchison, T. (1976), “Adam Smith and the wealth of nations”, The Journal of Law and Economics, 19(3), 507-528.
  • Ingalls, R.P. (1974), “New York and the minimum‐wage movement, 1933-1937”, Labor History, 15(2), 179-198.
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There are 108 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Betül Sarı Aksakal 0000-0003-2668-364X

Project Number -
Early Pub Date July 23, 2023
Publication Date July 26, 2023
Submission Date September 20, 2022
Published in Issue Year 2023 Volume: 31 Issue: 57

Cite

APA Sarı Aksakal, B. (2023). The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics. Sosyoekonomi, 31(57), 131-155. https://doi.org/10.17233/sosyoekonomi.2023.03.07
AMA Sarı Aksakal B. The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics. Sosyoekonomi. July 2023;31(57):131-155. doi:10.17233/sosyoekonomi.2023.03.07
Chicago Sarı Aksakal, Betül. “The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics”. Sosyoekonomi 31, no. 57 (July 2023): 131-55. https://doi.org/10.17233/sosyoekonomi.2023.03.07.
EndNote Sarı Aksakal B (July 1, 2023) The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics. Sosyoekonomi 31 57 131–155.
IEEE B. Sarı Aksakal, “The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics”, Sosyoekonomi, vol. 31, no. 57, pp. 131–155, 2023, doi: 10.17233/sosyoekonomi.2023.03.07.
ISNAD Sarı Aksakal, Betül. “The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics”. Sosyoekonomi 31/57 (July 2023), 131-155. https://doi.org/10.17233/sosyoekonomi.2023.03.07.
JAMA Sarı Aksakal B. The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics. Sosyoekonomi. 2023;31:131–155.
MLA Sarı Aksakal, Betül. “The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics”. Sosyoekonomi, vol. 31, no. 57, 2023, pp. 131-55, doi:10.17233/sosyoekonomi.2023.03.07.
Vancouver Sarı Aksakal B. The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics. Sosyoekonomi. 2023;31(57):131-55.