Abstract
The purpose of this article is to show the ideological character of the “invisible hand,” which is the cornerstone of the mainstream economics. The article discusses how the “invisible hand” acts as a cognitive metaphor in mainstream economics' adoption of its worldview, its scientific view, its research methodology, and its mathematical rationality, which are spread in society through the educational system and the media. According to the “invisible hand,” the individuals' selfish interest automatically results in the improvement for society as a whole. The “invisible hand,” therefore, focuses on individual behavior and recommends abstraction from the social consequences of individual behavior. This atomistic view, together with its attendant abstraction from society as a whole, constitutes the foundation of the ideological character of the “invisible hand.” This is because it conceals the actual social consequences of what it supports.
Highlights
This article discusses the “invisible hand” as a cognitive metaphor in mainstream economics’ adoption of worldview, scientific view, research methodology, and mathematical rationality, which are learned through education and the media
Free individuals can pursue their own political and economic interests, which in turn will improve the welfare of their society
The “invisible hand,” as an ideology, acts as a cognitive metaphor in mainstream economics’ adoption of its individualist worldview, according to which the properties of the aggregate are determined by the properties of its units, and the focus is placed on individual units
Summary
This article discusses the “invisible hand” as a cognitive metaphor in mainstream economics’ adoption of worldview, scientific view, research methodology, and mathematical rationality, which are learned through education and the media. The “invisible hand” as an ideology has an atomistic view but abstracts from the practical social problems. The purpose of this article is not so much to generate a new piece of puzzle as it is to put the existing pieces of puzzle together to make sense of them
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