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2015 | OriginalPaper | Buchkapitel

1. Historical Reviews Around Evolving Ideas of the Invisible Hand

verfasst von : Yuji Aruka

Erschienen in: Evolutionary Foundations of Economic Science

Verlag: Springer Japan

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Abstract

This book aims to identify several points at which new economic theories diverged from the old by providing an overview of the traditional theories. The market is now dominated by the influence of financial speculation. That is to say, speculation has long since passed its original function. We can no longer remain in the domain of traditional definitions around markets. So our retrospection of traditional economics is limited to special interests. We do, however, give a quick characterization of the economy first, and we will then discuss historical ideas.

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Nächstes Kapitel The Historic Design of the Demand Law and Its Reconstruction
Fußnoten
1
‘Service-dominant’ is often used to refer to ‘service-dominant technology’, as distinguished from ‘dominance of the service economy’.
 
2
Further information on the details of von Neumann’s economic growth model can be found in von Neumann (1937), and see, e.g., Aruka and Koyama (2011, pp. 9–16; 2012, pp. 165–170).
 
3
According to Professor Kazuyoshi Hidaka, Tokyo Institute of Technology, there were/are a wide variety of the notion of service. In service marketing, IHIP is well known as the description of service properties:
  • Intangibility
  • Heterogeneity
  • Inseparability = Simultaneity
  • Perishability
In addition, ‘Value Co-creation’ may be also included. See Lovelock and Gummesson (2004), Vargo and Lusch (2004a), and Laroche et al. (2001).
 
4
Maynard Smith has contributed much to the Hawk-Dove game. In 1973 Maynard Smith formulated ‘evolutionary game framework’ as well as the idea of ‘evolutionary stable equilibrium (ESS)’. Also see Maynard Smith (1982), his book to discuss evolution and the Theory of Games.
 
5
Note that the differential rent theory was first published in 1777 by James Anderson (1739–1808).
 
6
His suggestion on the German historical school was made during a conversation with the author at TU Munich in March 2012.
 
7
Macfie (1967). He noticed that the popular usage of the term ‘invisible hand’ was driven by Cannan’s addition of this term to the index.
 
8
See Cabinet Office Japan (2010).
 
9
See, for example, Petras (2012): “An economist of impeccable credentials, James Henry, former chief economist at the prestigious consulting firm McKinsey & Company, has researched and documented tax evasion. He found that the super-wealthy and their families have as much as $32 trillion (USD) of hidden assets in offshore tax havens, representing up to $280 billion in lost income tax revenue! This study excluded such non-financial assets as real estate, precious metals, jewels, yachts, race horses, luxury vehicles and so on. Of the $32 trillion in hidden assets, $23 trillion is held by the super-rich of North America and Europe.
 
10
See, for example, the article of Felsenthal and Zuill (2008) appeared in Reuter.
 
11
Chiemgauer is the name of a regional currency, a large-scaled local currency, started in 2003 in Prien am Chiemsee, Bavaria, Germany.
 
12
See Shiozawa et al. (2008, Chap. 3), Aruka and Koyama (2011, pp. 154–157), and TSE overview (2014).
 
13
Press Conference by Shozaburo Jimi, Minister for Financial Services (Tuesday, July 27, 2010, from 12:22 p.m. to 12:52 p.m.) http://​www.​fsa.​go.​jp/​en/​conference/​minister/​2010/​20100727.​html.
 
14
This book is estimated to have been written in the Warring States Period (476–221 BCE).
 
15
This citation is from Shibusawa Memorial Museum (ed.) (2009, p. 56).
 
16
See Preface of this book.
 
17
See Pariser (2012).
 
18
Shibusawa’s speech at the Imperial Institute of Invention and Innovation, June 13, 1923 available from the Shibusawa Memorial Museum (ed.) (2009, p. 56): Guide to the Exhibits.
 
19
Mozi was a carpenter and was extremely skilled in creating devices, and recognized as an expert on fortification.
 
20
The state of Chu existed from around 1,030 BCE to 223 BCE.
 
21
Asano (1998, pp. 57–58).
 
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Metadaten
Titel
Historical Reviews Around Evolving Ideas of the Invisible Hand
verfasst von
Yuji Aruka
Copyright-Jahr
2015
Verlag
Springer Japan
Buch
Evolutionary Foundations of Economic Science

Print ISBN: 978-4-431-54843-0

Electronic ISBN: 978-4-431-54844-7

Copyright-Jahr: 2015

DOI
https://doi.org/10.1007/978-4-431-54844-7_1