Invisible Ideology of Mainstream Economics: The “Invisible Hand”

Abstract

The purpose of this article is to show the ideological character of the “invisible hand,” which is the cornerstone of the mainstream economics. The article discusses how the “invisible hand” acts as a cognitive metaphor in mainstream economics' adoption of its worldview, its scientific view, its research methodology, and its mathematical rationality, which are spread in society through the educational system and the media. According to the “invisible hand,” the individuals' selfish interest automatically results in the improvement for society as a whole. The “invisible hand,” therefore, focuses on individual behavior and recommends abstraction from the social consequences of individual behavior. This atomistic view, together with its attendant abstraction from society as a whole, constitutes the foundation of the ideological character of the “invisible hand.” This is because it conceals the actual social consequences of what it supports.