Kaushik Basu. Beyond the Invisible Hand: Groundwork for a New Economics. Princeton, USA: Princeton University Press. 2010. 312 pages. US$ 39.95.

Tahira lshaq

Abstract


Kaushik Basu’s “Beyond Invisible Hand” is an illustration of
critique on perceived complexities and muddled outcome of Smith’s free
market ideology and mainstream economics. The book starts by comparing
rules, rights and regulations in early times with the present one, where
innovation has changed the dynamics of living standards but market and
economic atrocities are more and less the same. Markets remain in
function to provide goods and services but “market tactics” have created
a divide between people so much that it was never thought of in ancient
times. The economic and social status of the poor remains stagnant while
the rich collect every penny from the market system. Those who have
taken advantage of the system, support to keep the system well-oiled and
humming. Opponents of the market system have little to present and have
not been able to design a mechanism to replace the market system,
nonetheless rampages and marching mobs are the anecdotal evidence of
those getting nothing or a meagre portion from current world economic
order. Today’s economic and social process is not what it ought to be;
it is more venal then what is being suggested in the economics
textbooks.

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DOI: https://doi.org/10.30541/v53i1pp.67-68

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