The Austrian School founder is typically attributed to Carl Menger. I have noticed, that very few Austrians refer to Adam Smith and his invisible hand, yet many other economists from other schools consider themselves a “Smithsonian”. Is the invisible hand a term and concept that Austrian use, reject, or is there another term that stands in its place?
This article is about the very concept and what it means:
Its a fine term.
Austrian school is not Smithcentric because it doesnt have its root in the english language.
Smith is not the father of economics. The School of Salamanca, thought to have been pre-socialist by modern economics, was really pre-Austrian.
I think the notion has been incorporated in Austrianism via the idea of a spontaneous order, and also by incorporating the ideas of Say’s law and the harmony of interests.
-Jon
They’re all different approaches to or ways of saying the same thing: social cooperation or genuine social order is primarily if not entirely the result of the pursuit of mutual self-interest, and is in large part an unintended consequence of this pursuit.
Pretty much. They’re all constitutive of it, various aspects of the same thing.
-Jon