Failures of the “Invisible Hand” |
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| Authors: | Rafi Amir-ud-Din Asad Zaman |
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| Institution: | 1. Department of Management Sciences, COMSATS Institute of Information Technology, Lahore, Pakistan;2. Pakistan Institute of Development Economics, Islamabad, Pakistan |
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| Abstract: | Despite many failures of the invisible hand both empirically and theoretically, it continues to be vigorously asserted and widely believed. We document the failures and explain why it continues to be asserted despite these failures. |
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| Keywords: | invisible hand market economy traditional society East Asian financial crisis trade barriers |
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