Is the Study of Complex Adaptive Systems Going to Solve the Mystery of Adam Smith's `Invisible Hand' ?
Sreekala Kochugovindan & Nicolaas J. Vriend, Queen Mary and Westfield College, University of London
The Independent Review, 1998, Vol. 3, No. 1, p. 53-66

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Abstract. This essay starts with the observation that the central problems of economic theory have remained the same since Adam Smith: How, why, and when does the 'invisible hand' work? We argue that the recently developed framework of the study of 'complex adaptive systems' may help address these types of questions.

Keywords. Adam Smith, Invisible hand, Complex adaptive systems

Nick Vriend,
Last modified 2012-12-07