TY - JOUR
T1 - The Hand Behind the Invisible Hand: Reflections on a Recurring Theme in Classical Liberal Political Economy
AU - Lewis, Paul
PY - 2023/5/9
Y1 - 2023/5/9
N2 - This article is a review essay of Karl Mittermaier’s The Hand Behind the Invisible Hand, first written as a PhD thesis that was submitted in 1987 and finally published in 2020. The essay examines the main question upon which Mittermaier focuses, namely whether the institutional framework required for spontaneous market order to arise itself also arises spontaneously, via an invisible hand process, or whether it must instead be deliberately created by the visible hand of the state. The essay considers Mittermaier’s analysis of how this issue is addressed in the work of Adam Smith, James Buchanan, Walter Eucken. Friedrich Hayek, and Henry Simons. It also adds some reflections about how the issue arising from the work of Elinor Ostrom.
AB - This article is a review essay of Karl Mittermaier’s The Hand Behind the Invisible Hand, first written as a PhD thesis that was submitted in 1987 and finally published in 2020. The essay examines the main question upon which Mittermaier focuses, namely whether the institutional framework required for spontaneous market order to arise itself also arises spontaneously, via an invisible hand process, or whether it must instead be deliberately created by the visible hand of the state. The essay considers Mittermaier’s analysis of how this issue is addressed in the work of Adam Smith, James Buchanan, Walter Eucken. Friedrich Hayek, and Henry Simons. It also adds some reflections about how the issue arising from the work of Elinor Ostrom.
M3 - Article
SN - 0277-5921
JO - CONTRIBUTIONS TO POLITICAL ECONOMY
JF - CONTRIBUTIONS TO POLITICAL ECONOMY
ER -