Essays on Invisible Hand

In the article, “Diverging Development: The Not-so-invisible Hand of Social Class in the United States”, Furstenberg said that social class is quickly beginning to shape the development of children, even before the child is born. Classism is alive in the form of less opportunities for lower social classes, forming a class that isn’t necessarily unintelligent, but uneducated. There exists a stereotype against those of lower social classes that these people do not strive to rise in the social hierarchy, and they often receive sub-par assistance, in part, through this prejudice. The article argues that social class is part ...

Adam Smith is an important figure in the field of economics. Smith’s writings in economics contributed greatly to the development of capitalism as a means of economic organization in society. One aspect of the society that puzzled Smith was how it was made up of individuals acting in their own interest, yet it still held itself together. Smith theorized that an invisible hand played an important role in a society based on a market economy. According to Smith, the invisible hand leads the private interests of individuals in a direction that benefits the interests of the whole society ( ...

Classical economics also known as liberal economics was first developed by the father of economics, Adam Smith. His book "An Inquiry into the Nature and the Causes of the Wealth of Nations" was written in 1776. This period is considered as the beginning of classical economics. Adam Smith contributed to economics with his moral thought. He has given our capitalist economy a different form. But Karl Marx first used the term classical economics . He was the most influential thinker and most controversial in his time. He was a great philosopher, social scientist and revolutionary. He is the main person ...

Article Review

Furstenberg, Jr., Frank. “Diverging development: The not-so-invisible hand of social class in the United States.” In B.J. Risman, Families as they really are. pp. 276-294. New York: W.W. Norton & Co, 2010. How does the social background of the family influence child’s future? Furstenberg wrote an article “Diverging development: The not-so-invisible hand of social class in the United States” aimed to analyze the impact of social standings of the family on the life of children. In his article, Furstenberg starts with the modern understanding of the idea of social differentiation and social classes and states that nowadays, there are ...

PART A- Questions related to ‘The Mystery of the Invisible Hand’

Jevons Marshall is a fictitious pen name used by the true author(s) of the book. Who really wrote the book? What makes ‘Jevons Marshall’ a clever choice for the pen name in this case? Answer. The pseudonym Jevons Marshall is used by two renowned professors of economics who are William Breit and Kenneth G. Elzinga. The pen name is derived from the surnames of two famous economists named Alfred Marshall and William Jevons. The pen name made from the names of these two economists is deliberately used for writing mystery novels based on economics as where the former ( ...