Workshop on ‘Living with the Invisible Hand’ by Waheed Hussain

Last week, we held a workshop at Utrecht University on the book ‘Living with the Invisible Hand’ by Waheed Hussain. This was one of the most memorable book workshops I’ve attended, despite the absence of the author. Waheed passed away a few years ago at a tragically young age (you can read his obituary here: https://lnkd.in/ed3m2Gix). His work delves deeply into fundamental questions of economic ethics: How should we conceptualize the market economy? What values should guide its assessment? What reforms could make it more humane and equitable?

The book focuses on the inherent tension between freedom and the market. Waheed portrays the market as a ‘structure of mutual adjustment,’ where all participants continuously react to each other’s actions, resulting in certain outcomes. However, these outcomes transcend individual judgments, potentially resembling the directives of an authoritarian ruler. How do we reconcile this? Can we harness market mechanisms while aligning them with human values?

Throughout the day, eight academics explored various facets of Waheed’s book, acknowledging the absence of the author, whose presence was sorely missed for answering questions and addressing criticisms. The critiques were at times robust, which Waheed would likely have appreciated had he been present. We hope that many will take note of his work and find inspiration in it for years to come.

Special thanks to Nicholas Vrousalis for co-hosting and to Juri Viehoff for his organizational efforts!