Are economic theories and its applications based on concrete foundations? Mathematical restatements of Adam Smith’s invisible hand metaphor are endorsed by the great majority of economists, and provide framework for a large and growing number of decisions about public policy. Prominent economists have described the invisible hand as the most important contribution of economics to social theory. In the case of economics, the ivory tower casts a long shadow over social and political life. This chapter is the introduction to proceeding chapters examining fatal flaws found in the foundations of a market economy.
