Invisible Hand Research Articles

“Visible hand” and “invisible hand”: The impact of market-driven environmental regulation on corporate carbon information disclosure

The relevance of wetlands has re-gained attention in the global socioecological agenda as part of the resurgence of nature-based solutions (NbS) for sustainable development. In global south contexts, the socio-ecological relevance of wetlands has not prevented their rapid depletion in ecologically sensitive areas due to reactive environmental planning and plurality of resource management systems. Despite multiple vested interests around wetlands, grounded multi-actor perspectives situating the divergent views on the planning and development of wetlands remain underexplored. Drawing on the southern perspective of conflicting rationalities, and using qualitative data gathered from Sakumono, the most threatened wetland site in the Greater Accra Region of Ghana, this paper distills the perspectives of residents, planners, wetland managers, and developers to unpack the underpinning contestations and conflictual views/interests that shape the exploitation and management of wetlands. The study highlights deeply rooted, inequitable, multiple but conflicting perspectives on the value and management of wetlands, as state agencies prioritize ecological functions, community stakeholders favor livelihood and cultural values, and the invisible hands of the political elite push to rationalize their property-driven investments as inseparable from conservation value. We argue that this plurality of divergent rationalities stifles the implementation of wetland conservation policies and engenders a developmental regime that tacitly supports unregulated real estate development while denying resource-dependent local population access to socio-ecological services.

Hand-tracking technologies allow us to use our own hands to interact with real and virtual objects in Augmented Reality (AR) environments. This enables us to explore the interplay between hand-visualizations and hand-object interactions. We present a user study that examines the effect of different hand visualizations (invisible, transparent, opaque) on manipulation performance when interacting with real and virtual objects. For this, we implemented video-see-through (VST) AR-based virtual building blocks and hot wire tasks with real one-to-one counterparts that require participants to use gross and fine motor hand movements. To evaluate manipulation performance, we considered three measures: task completion time, number of collisions (hot wire task), and percentage of object displacement (building block task). Additionally, we explored the sense of agency and subjective impressions (preference, ease of interaction, successful and awkwardness) evoked by the different hand-visualizations. The results show that (1) manipulation performance is significantly higher when interacting with real objects compared to virtual ones, (2) invisible hands lead to fewer errors, higher agency, higher perceived success and ease of interaction during fine manipulation tasks with real objects, and (3) having some visualization of the virtual hands (transparent or opaque) overlayed on the real hands is preferred when manipulating virtual objects even when there are no significant performance improvements. Our empirical findings about the differences when interacting with real and virtual objects can aid hand visualization choices for manipulation tasks in AR.

ABSTRACT Relevant research in a longer-term perspective is not result of a one-point intervention and re-direction of research to address social-environmental problems. Rather, for a research field to stay relevant to social-environmental issues, researchers and their communities need to continually engage in what we conceptualise as orientation work. Contrary to the notion of an invisible hand governing science in self-organised ways, the notion of orientation work offers a novel conceptual perspective on changes in research direction in the sense of caring for relevance, defined as open-ended, responsive, and collective process. Orientation work requires certain conditions of possibility and attention to value-based questions. The case of soil carbon research illustrates how orientation work can prevent research fields from getting stuck on paths that have (partly) lost their relevance. Slowly emerging in the 2000s, promises that carbon sequestration in soils could make substantial contributions to mitigate the climate crisis have generated much attention and, consequently, research funding and institutional support. Particularly with regard to responding to the climate crisis however, researchers have started to question the strong prioritisation of studying soil carbon within their research field, calling for reflections on its social-environmental relevance. Debates within soil carbon research provide evidence how orientation work on the level of research communities (besides other levels of research governance) can play an important role in addressing social-environmental problems.

Words that yield: The invisible hand of financial storytelling

Invisible hands in energy transitions: installers in the European post-industrial cities of Gothenburg and Rotterdam

The invisible hand of data engineering shapes social outcomes through seemingly technical decisions that disproportionately impact vulnerable populations. This article examines how data architecture choices, pipeline failures, and default values in automated decision-making systems create systemic barriers to financial inclusion. Drawing from evidence across global financial institutions, the text reveals how household relationship models disadvantage non-traditional families, recovery mechanisms exacerbate inequalities during system outages, and default assumptions penalize those with limited financial histories. The findings demonstrate that engineering decisions are not merely technical but represent consequential policy choices with significant equity implications. The article concludes by proposing interventions at technical, organizational, and professional levels to advance more socially responsible data engineering practices that can reduce disparities while maintaining system performance.

Domestic labor in South Korea, a sector historically undervalued and predominantly feminized, exists at a complex intersection of law and culture. This paper investigates the socio-legal conditions of domestic workers by examining their life experiences, their portrayal in influential South Korean cinema, and the evolving legal frameworks governing their employment. This paper further analyzes three seminal films—Kim Ki-young's The Housemaid (1960), Im Sang-soo’s The Housemaid (2010) remake, and Bong Joon-ho's Parasite (2019)—as cultural texts that reflect, reinforce, and occasionally critique societal perceptions of domestic labor, class, and gender, which in turn inform and are informed by the legal landscape. Through qualitative case studies of three Korean women domestic workers (OKN, LEY, and YEO), the research highlights the tangible impacts of legal invisibility and cultural biases on their working lives, characterized by precarity, inadequate protection, and struggles for dignity. This study scrutinizes South Korea’s Labor Standards Act, from which domestic workers have been historically excluded, and evaluates the recent Act on the Employment Improvement of Domestic Workers (2021) for its potential and limitations in addressing systemic inequities. By employing a multidisciplinary approach that integrates socio-legal analysis, feminist theory, and media studies, this research argues that cinematic narratives serve as crucial cultural mirrors, revealing societal contradictions that are deeply embedded in the legal treatment of domestic workers, thereby underscoring the urgent need for more comprehensive legal reforms and cultural shifts towards recognizing the value of domestic labor.

This article offers an intellectual exploration of the problematic distinction between the “liberation from labor” and the “liberation of labor”, conceived as a response to Adam Smith’s view of labor as “toil and trouble” and his justification of capitalism through the notion of the invisible hand. I begin by revisiting the oscillations in Keynes’s thinking on this issue, from The Economic Consequences of the Peace to The General Theory, passing through Economic Possibilities for Our Grandchildren. I then outline a genealogy – both preceding and following Keynes – focused on the role of labor and the possibility of exiting from it, with particular attention to Adam Smith and John Stuart Mill. The discussion continues with an analysis of the Freudo-Marxism of Norman Brown and Herbert Marcuse, including Nancy Chodorow’s critique of these authors. I then examine three distinct positions taken by Claudio Napoleoni on this topic as registered in an unpublished manuscript from the late 1960s, an article on the reduction of working hours from the late 1980s, and a chapter on the historical role of capital written in the late 1970s for a high school textbook. In each of these writings the confrontation with Stuart Mill and Keynes is central, while in the last the influence of Marx proves essential. I conclude by suggesting in what sense, and despite its limitations, the position Napoleoni articulated in his late-1970s chapter offers a way to move beyond a rigid dichotomy between the liberation “from” labor and the liberation “of” labor.

The ‘invisible hand’ of institutional logics on professionalizing project management amid increasing projectification

Can we axiomatically define that the Christian’s Sisyphean striving for reconciliation with the world is part of divine oikonomia, as the Fourth Gospel, that of St John, explicitly states? Or can we view the development of human history as a divine pedagogy of social cohesion, as some Pauline or Acts of Apostles readings might suggest? In order to avoid simplistic interpretations, the answer can only be nuanced, or even susceptible to a certain duplicity, if formulated within the paradigm of a superhuman understanding beyond the power of understanding. It is not uncommon for secular researchers who have studied Council Vatican II to equate the change in attitude towards the world with a kind of theology of compromise. Aggiornamento, a neologism that would be adopted by almost every language on this occasion, appeared to denote an adaptation of the Church to the contents of the world, as E. Voegelin termed them. However, a more thorough investigation into the origins of modernity reveals a process that mirrors the developments of the latter half of the 20th century, albeit in the opposite direction. This earlier period can be characterised as a subversive appropriation of a series of cultural and symbolic elements that were specific to a world order based on a religious vision. The present study will focus on investigating those elements in the economic field, which are considered to be among the innovative elements of modernity. The advent of the Industrial Revolution, concomitant with the rise of liberalism, signifies the initial phase in the genesis of the new economy. Consequently, both the centralized economy and autarchy, despite their inherent challenges to liberalism, will become avatars of the new economy. The concept of an intramundane ecclesia is proposed as a theoretical framework underpinning various proposals for reordering the world on new foundations, including the invisible hand, catallaxy, historical determinism, or variants of political-economic Gnosticism, and will constitute veritabile epiphanies of it. Nevertheless, when considered within the overarching framework of the Economy of Redemption – a framework that is often overlooked – the newly proposed economic systems will expose their inherent limitations rather than demonstrating their efficacy.

This study critically examines how English-language newspaper discourse in Qatar and the UAE constructs and legitimizes neoliberal ideologies surrounding higher education institutions and international branch campuses. Drawing on critical theory and critical discourse analysis, we delve into the discourses used in newspaper articles published between 2010 and 2024. We explore the underlying meanings, ideologies, and power relations embedded in the discourses that present institutions of higher education as providers of world-class education and models of best practices. Our findings reveal common themes shared across the two countries, emphasizing commitment to excellence, global leadership, world-class education, and best practices. At the same time, distinctions unique to each are identified, suggesting different approaches to holistic development, diversity, inclusivity, and the importance attributed to international recognition and rankings. This study enriches our understanding of the way neoliberal ideologies permeate discourses, influencing and being influenced by the academic landscape, thus charting new paths for future directions in this area.

The Hand behind the Invisible Hand: Dogmatic and Pragmatic Views on Free Markets and the State of Economic Theory

Globally, attaining universal access to affordable potable water presents a significant impediment. Nairobi, Kenya, exhibits a marked reliance on informal water markets due to a limited (approximately 20%) piped water infrastructure in low-income areas. These markets function under an “invisible hand” dynamic, where vendors pursuing self-interest concurrently serve public water needs. Scholarly literature examining the “invisible hand” mechanism within water markets remains limited. This qualitative study explored informal water markets within two informal settlements in Nairobi. Study findings delineated three distinct informal water market modalities: wholesale, distribution and direct vending. Wholesale vendors supplied water to distributing vendors, who, in turn, delivered water directly to households. Direct vendors operated sales at various points, including neighborhood reselling locations and roadside stands. Community residents’ procured water from diverse sources based on availability, affordability, and perceived quality. Deficiencies in government control on water quality, procedural inequities and conflicts at public water points impeded water provision and catalyzed the growth of informal markets. These markets operate via an “invisible hand” mechanism, fostering competition among vendors to potentially lower prices and enhance water quality. In the context of inadequate governmental intervention, these markets fulfilled societal needs regarding water provision and access. In conclusion, in informal settlements with inadequate government support, water service providers might be inefficient and exploit consumers by charging high prices for poor-quality services. Local authorities should acknowledge that their inability to deliver adequate public water services can stimulate the expansion of alternative water markets. Consistent engagement with water providers is imperative to maintain affordable, high-quality, and flexible water service delivery. Both governmental bodies and vendors should adapt. Governments by integrating water vendors into policy and practice, and vendors by establishing networks and advocating for their rights while abstaining from anti-competitive behaviors.

The article examines the problems raised in the works of the 2024 Nobel Laureates in Economic Sciences. The author focuses primarily on the role of the category of “property,” highlighting the laureates’ investigation into the exceptional status of property rights within economic theory. It is shown that this status is rooted in the myth of the “invisible hand of the market,” which emerged after Adam Smith and was based on a misinterpretation of his writings. The article also discusses the gradual erosion of transparency around property ownership, prompting a reassessment of both the concept of property and the relationship between property owners and political power structures. Drawing on the laureates’ findings, the author argues that the protection of property constitutes an independent socio-economic institution. The article concludes by examining two specific forms of property rights — those concerning the means of production and scientifictechnological innovations — demonstrating their close ties to other social institutions and their inability to exist in isolation.

We propose a novel data-driven framework, called hidden Markov generative model, which combines the hidden Markov model (HMM) and a generative model for simulating a sequence of data. Specifically, we use the Wasserstein generative adversarial network (WGAN) as the generative model and use the resulting setup, HMM-WGAN, for simulating multivariate stock returns. In line with the original GAN model for images, we depict the invisible hands in financial markets as market painters and the different market regimes as distinct observable painting styles. The framework comprises of two phases. In Phase I, we train a time-homogeneous HMM to identify market painters for each trading day using a set of realized exogenous features. In Phase II, the painting style for each market painter is learned adversarially from a set of realized stock returns using WGAN. Subsequently, the market painter for the next trading day is simulated with the current regime and the trained HMM's transition matrix, and the consequent painting, i.e. multivariate stock returns, is then generated using the market painter's trained WGAN generator. Our empirical results demonstrate that the simulated multivariate stock returns not only replicate a comprehensive set of well-documented stylized facts—including heavy-tailed distributions, volatility clustering, and leverage effects—but also yield a more robust value-at-risk estimates compared to traditional approaches. As such, our framework provides a flexible, data-driven alternative to conventional parametric models without imposing restrictive assumptions.

The invisible hand of transfer: The income distribution effect of water resource fee to tax

Visible hands versus invisible hands: Default risk and stock price crashes in China

The rapidly spreading diffusion of artificial intelligence through production, finance, and service landscapes is transforming economic orthodoxy, but the gendered outlines of this change are urgently under-theorized. This paper, using feminist political economy, contends that algorithmic networks reproduce and challenge long-standing patriarchal frameworks that have chronically overestimated and therefore undervalued women's paid and unpaid work. By combining an endogenous-growth framework with sociotechnical criticism, we introduce a "gendered productivity paradox": headline productivity efficiencies from machine learning often occur side by side with persistent—or even increasing—gender disparities in income, time, and agency. Empirically, we assemble a 142-country panel from 1995 to 2024 and build a sector- and gender-disaggregated AI-Exposure Index. Regression estimates show that for each 10-percentage-point growth in female-centric AI adoption, there is a 2.3 % increase in women's labor-force participation but only a 0.6 percentage-point decline in the gender wage gap, suggesting decreasing distributive returns at higher exposures. Counterfactual decomposition reveals that if digital care-work platforms valued their positive externalities at shadow prices equating to social value, world GDP would grow by about $3.1 trillion while reducing unpaid-care gaps by 18 % within a decade. Policy simulations also show that leveraging mandatory algorithmic audits, data-diversity requirements, and unconditional basic dividends—financed by a 1.5 % tax on AI-generated rents—can narrow the expected 2035 gender wealth gap to 19 % from 31 % in high-income economies and to 37 % from 54 % in low- and middle-income economies. Based on this, we propose "Feminist General Purpose Technology" as a design paradigm that infuses intersectional ethics into the development, deployment, and diffusion stages of AI to transform Schumpeterian creative destruction into creative reconstruction. The paper concludes by proposing an interdisciplinary research agenda—comprising care-economy satellite accounts, participatory machine-learning pipelines, and macro-prudential gender stress tests—required to construct an economy in which the invisible hand and the invisible woman are both visible to the same extent

Under the socialist market economic system of our country, the government, through the “invisible hand,” carries on macro regulation and control to improve the financing constraints that small and medium-sized enterprises are facing. But because of the huge base number of small and medium-sized enterprises in our country, there are many kinds, and the problem of financing constraints is still puzzling the development of enterprises at present. With the continuous promotion of inclusive finance in our country, the problems plaguing SMEs in the last mile of financing are gradually improved. In this context, small and medium-sized enterprises in Hainan Free Trade Port are taken as the research object to study the role of digital inclusive finance on the financing constraints of SMEs. The research shows that, first of all, small and medium-sized enterprises in Hainan Free Trade Port generally have financing problems. The development of digital inclusive finance solves the “last kilometer” problem of traditional finance, enhances financial access ability, broadens the financial service group, provides convenience and diversified services for SMEs’ financing, and provides inexhaustible impetus for the long-term healthy development of SMEs. Secondly, digital inclusive finance alleviates the financing difficulties faced by SMEs on the island by reducing financial costs and expanding the scale of credit.