Includes bibliographical references and index.

Cover -- Series -- Living with the Invisible Hand -- Copyright -- Contents -- Foreword -- Editorial Preface -- Author's Preface -- Acknowledgments -- Introduction -- 1. The Institutional Perspective -- 2. Liberal Freedom Is Not the Issue -- 3. Social Coordination through a Dynamical System -- 4. Authoritarianism in a Coordination Mechanism -- 5. Reason Sensitivity, Transparency, and Trustworthiness -- 6. Does a Liberal Market Democracy Satisfy the Anti-​Authoritarian Ideal? -- 7. The Dynamical View of Business Corporations -- 8. An Intermediated Market Arrangement -- Conclusion -- Appendix: What Is a Market Economy? -- References -- Index

Living with the Invisible Hand explores the crucial role the market plays in how institutions shape our lives. Waheed Hussain demonstrates how markets, just like states, act as systems of governance. The market coordinates activities of production and consumption, constantly readjusting to changing circumstances. In doing so, it changes the option sets open to individuals, drawing them into patterns that can bypass their private judgments about the merits these patterns hold. Living with the Invisible Hand provides a starting point for a different way of thinking about economic life.