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The Invisible Hand Doesn't Help Any More
by Holger Rogall
Neoclassicism starts from the assumptions that people always act rationally and market processes always lead to optimal results because of the price mechanism. Adam Smith called this the invisible hand. The markets fail. Its view of the person as Homo oeconomicus and the derived models cannot solve the current and future problems of humanity. Sustainable economics proposes the Homo cooperativus.

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