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Vanishing Hand
The Vanishing Hand theory is a concept first conceived of by economist Richard Normand Langlois.〔(【引用サイトリンク】 work =The Past Speaks )〕 The term is an intentional play on both Adam Smith's invisible hand and Alfred Chandler's Visible Hand.〔
==Background==
In Smith's work, his invisible hand describes the self-regulating behavior of the market. In essence, this theory states that individual personal motivations lead to the most efficient allocation of resources and greatest overall benefit, even if those motivations were not in any way benevolent. This is exemplified by relatively small firms operating with no market control. Competition between buyers and sellers channels the profit motive causing competition to lead to socially desirable outcomes.〔Sen, Amartya. Introduction. The Theory of Moral Sentiments. By Adam Smith. 6th ed. 1790. New York: Penguin, 2009. vii–xxix.〕 During Smith's time and much after, this was a justification for a laissez-faire economy. However, in Smith's day there were not several market forces that currently exist, such as large-scale industry, finance, and adverstising.〔〔Olsen, James Stewart. Encyclopedia of the Industrial Revolution. Greenwood Publishing Group, 2002. pp. 153–154〕
The Visible hand, however, was believed by Chandler to have replaced the Invisible hand with middle management in the mid 19th century, which became “the most powerful institution in the American economy”. In short, he states that the multi-unit business structure arose because administrative coordination could yield greater profits than market coordination, giving rise to managerial hierarchy and led to furthered growth and profit. The rise of this new system yielded major sectors of the economy being dominated and altered the structure of markets, steering away from a competitive state and to an economy controlled by corporate managers. In other words, the large scale industries arising began to provide larger social benefits due to managerial presence and long-term scope rather than perfectly competitive markets.〔〔Chandler, Alfred. ''The Visible Hand''. Belknap Press, 1977. ISBN 978-0674940529. Introduction.〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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