Carl Menger's theory of invisible-hand explanations

Bibliographic Data

ID3069668
AuthorsMarkus Haller (0000-0002-7811-0774, corresponding author)
Year2000
Volume39
Issue4
Pages529-565
Publication date2000-12-01
Open AccessYes
TypeARTICLE
VenueSocial Science Information (JOURNAL)
Journal identifiersISSN: 0539-0184 • E-ISSN: 1461-7412
PublisherSAGE Publications Inc (PUBLISHER)
DOI10.1177/053901800039004002
OpenAlexW2117632618
LanguageEN
Citations received6
References cited23

Carl Menger's theory of invisible-hand explanations is rooted in his methodology of the social sciences. Contrary to his 18th-century Scottish forerunners he explains both the emergence and the persistence of unplanned social institutions exclusively by the individual pursuit of perceived self-interest. Contrary to Hayek's evolutionary functionalism, Menger's theory is not confined to the explanation of efficient or beneficial institutions. And contrary to Buchanan and Vanberg's constitutional contractualism, it does not require that people form stable preferences over rules

Contractualism · Economics · Epistemology · Invisible hand · Law and economics · Neoclassical economics · Positive economics · Social institution · Social science · Sociology · Veblen good · Economic Theory and Institutions · Experimental Behavioral Economics Studies · Law, Economics, and Judicial Systems · Philosophy

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