You might think that the old King should be replaced by no King. After all, the metaphor of the invisible hand did not loom very large in Smith’s thought; why should it loom large in ours? It turns out, however, that a robust concept of the invisible hand does emerge from evolutionary and complexity theory, so there is a new King to coronate.Replacing the mechanical model in econ with an organic model.
EvonomicsThe Invisible Hand is Dead! Long Live the Invisible Hand!
David S. Wilson | SUNY Distinguished Professor of Biology and Anthropology at Binghamton University and Arne Næss Chair in Global Justice and the Environment at the University of Oslo