Abstract
Karla Hoff of World Bank reviews “Beyond the Invisible Hand: Groundwork for a New Economics” by Kaushik Basu. The EconLit abstract of the reviewed work begins, “Presents a critique of mainstream economics and Adam Smith's idea of the invisible hand, arguing for collective action and a shifting of focus from efficiency to fairness in societies. Discusses speaking in praise of dissent; the theory of the invisible hand; the limits of orthodoxy; the economy according to law; markets and discrimination; the chemistry of groups; contract, coercion, and intervention; poverty, inequality, and globalization; globalization and the retreat of democracy; and what is to be done. Basu is Professor of Economics and C. Marks Professor of International Studies at Cornell University and Chief Economic Advisor to the Ministry of Finance of the Government of India. Index.”
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