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The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics

Yıl 2023, Cilt: 31 Sayı: 57, 131 - 155, 26.07.2023
https://doi.org/10.17233/sosyoekonomi.2023.03.07

Öz

The invisible hand is one of the most familiar and misunderstood concepts popularised by Adam Smith. Smith is the pioneer of the recognisance of economics as a social science. Thanks to the invisible hand mechanism, Smith argues that all economic activities in markets have no shortage of state intervention thanks to perfect competition. Markets consistently and spontaneously come to equilibrium at the full employment level via that. However, this mechanism is a myth, learned worldwide for years. Since the historical process, the state has always been at the stage in the constitution of a market order in economies. However, the underlined roles of the state have evolved correspondingly with the evolution of economic theories. In this context, the economic theories that have specified the general framework of economics are discussed in this paper. Eventually, it is concluded that the state always remains at the forefront of economies as a mechanism that backs up the formation of the market economy. Further, the process of COVID-19, which is expected to licking a new shape to economic theories, has also been investigated very briefly in this connection.

Destekleyen Kurum

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Proje Numarası

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Teşekkür

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Kaynakça

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  • Aharon, D.Y. et al. (2021), “COVID-19, government measures, and hospitality industry performance”, PloS ONE, 16(8), 1-23.
  • Albers, S. & V. Rundshagen (2020), “European airlines′ strategic responses to the COVID-19 pandemic”, Journal of Air Transport Management, 87, 101863.
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  • Arrighi, G. (2007), Adam Smith in Beijing, London: Verso.
  • Bacha, E. & R. Feinberg (1986), “The World Bank and structural adjustment in Latin America”, World Development, 14(3), 333-346.
  • Bergquist, S. et al. (2020), “COVID-19 Pandemic in the United States”, Health Policy and Technology, 9(4), 623-638.
  • Besenyö, J. & M. Karman (2020), “Effects of COVID-19 Pandemy on African health, political and economic strategy”, Insights into Regional Development, 2(3), 630-644.
  • Blaug, M. (1964), “The poor law report reexamined”, The Journal of Economic History, 24(2), 229-245.
  • Block, F. & M. Somers (2017a), “Karl Polanyi in an age of uncertainty”, Contemporary Sociology, 46(4), 379-392.
  • Bowles, P. (2000), “Regionalism and development after (?) the global financial crises”, New Political Economy, 5(3), 433-455.
  • Bremmer, I. (2009), “State capitalism comes of age”, Foreign Affairs, 88(3), 40-55.
  • Bryan, D. & M. Rafferty (2006), “A New Perspective on the Role of Finance”, in: Capitalism with Derivatives (19-38), Palgrave Macmillan, London.
  • Burnham, P. (1999), “The politics of economic management in the 1990s”, New Political Economy, 4(1), 37-54.
  • Campbell, J. (2011), “The US financial crisis: lessons for theories of institutional complementarity”, Socio-Economic Review, 9, 211-234.
  • Cangiani, M. (2011), “Karl Polanyi’s institutional theory: Market society and its ‘disembedded’ economy”, Journal of Economic Issues, 45(1), 177-198.
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  • Christiaens, T. (2019), “Financial neoliberalism and exclusion with and beyond Foucault”, Theory, Culture & Society, 36(4), 95-116.
  • Clarke, S. (1991), “The State Debate”, in: The State Debate (1-69), Palgrave Macmillan, London.
  • Clift, B. (2019), “The hollowing out of monetarism: The rise of rules-based monetary policy-making in the UK and US and problems with the paradigm change framework”, Comparative European Politics, 18, 1-28.
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Görünmez El Miti: İktisadın Anlaşılmayan ve Yanlış Kullanılan Kavramı Üzerine Bir Tartışma

Yıl 2023, Cilt: 31 Sayı: 57, 131 - 155, 26.07.2023
https://doi.org/10.17233/sosyoekonomi.2023.03.07

Öz

Görünmez el, Adam Smith tarafından popülerleştirilen kavramların en bilineni ve belki de en yanlış anlaşılanıdır. Smith, iktisadın sosyal bir bilim olarak kabul edilmesine öncülük etmiştir. Görünmez el mekanizması vasıtasıyla piyasalarda gerçekleştirilen tüm ekonomik faaliyetlerin herhangi bir müdahaleye gerek olmaksızın yönlendirilebileceğini ve piyasaların daima dengeye getirilebileceğini savunmuştur. Ancak yıllardır tüm dünyada bu tanımlarla öğretilen bu mekanizma, aslında bir mitten ibarettir. Zira tarihsel süreç içerisinde devlet, ekonomilerde piyasa düzeninin oluşturulmasında her zaman ön planda yer alan bir aktör konumundadır. Ancak devletin altı çizilen rolleri, iktisat teorilerindeki evrime paralel olarak değişmiştir. Bu bağlamda makalede, dünyada ekonomi politikalarının genel çerçevesini belirleyen iktisat teorileri tartışılmıştır. Devletin piyasa ekonomisini kuran bir mekanizma olarak, ekonomilerde her zaman sahnede olduğu sonucuna varılmıştır. Ayrıca, dünyada iktisat teorilerine yeni bir şekil vermesi beklenen COVID-19 süreci de kısaca bu kapsamda incelenmiştir.

Proje Numarası

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Kaynakça

  • Aalbers, M.B. (2013), “Neoliberalism is dead… long live neoliberalism!”, International Journal of Urban and Regional Research, 37(3), 1083-1090.
  • Agarwal, M. & D. Sengupta (1999), “Structural adjustment in Latin America: Policies and performance”, Economic and Political Weekly, 34(44), 3129-3136.
  • Aharon, D.Y. et al. (2021), “COVID-19, government measures, and hospitality industry performance”, PloS ONE, 16(8), 1-23.
  • Albers, S. & V. Rundshagen (2020), “European airlines′ strategic responses to the COVID-19 pandemic”, Journal of Air Transport Management, 87, 101863.
  • Amin, S. (1996), “The challenge of globalization”, Review of International Political Economy, 3(2), 216-259.
  • Amin, S. (2003), Obsolecent capitalism: Contemporary politics and global disorder, London: Zed Books.
  • Arrighi, G. (1994), The long twentieth century: money, power and the origins of our times, London: Verso.
  • Arrighi, G. (2003), “The social and political economy of global turbulence”, New Left Review, 20, 5-71.
  • Arrighi, G. (2007), Adam Smith in Beijing, London: Verso.
  • Bacha, E. & R. Feinberg (1986), “The World Bank and structural adjustment in Latin America”, World Development, 14(3), 333-346.
  • Bergquist, S. et al. (2020), “COVID-19 Pandemic in the United States”, Health Policy and Technology, 9(4), 623-638.
  • Besenyö, J. & M. Karman (2020), “Effects of COVID-19 Pandemy on African health, political and economic strategy”, Insights into Regional Development, 2(3), 630-644.
  • Blaug, M. (1964), “The poor law report reexamined”, The Journal of Economic History, 24(2), 229-245.
  • Block, F. & M. Somers (2017a), “Karl Polanyi in an age of uncertainty”, Contemporary Sociology, 46(4), 379-392.
  • Bowles, P. (2000), “Regionalism and development after (?) the global financial crises”, New Political Economy, 5(3), 433-455.
  • Bremmer, I. (2009), “State capitalism comes of age”, Foreign Affairs, 88(3), 40-55.
  • Bryan, D. & M. Rafferty (2006), “A New Perspective on the Role of Finance”, in: Capitalism with Derivatives (19-38), Palgrave Macmillan, London.
  • Burnham, P. (1999), “The politics of economic management in the 1990s”, New Political Economy, 4(1), 37-54.
  • Campbell, J. (2011), “The US financial crisis: lessons for theories of institutional complementarity”, Socio-Economic Review, 9, 211-234.
  • Cangiani, M. (2011), “Karl Polanyi’s institutional theory: Market society and its ‘disembedded’ economy”, Journal of Economic Issues, 45(1), 177-198.
  • Carr, E.H. (1964/1946), The Twenty Years’ Crisis 1919-1939. An Introduction to the Study of International Relations, (2nd edition), New York: Harper Row.
  • Chang, H-J. (2012), “Kicking away the ladder: Neoliberalism and the ‘Real’History of capitalism”, in: Developmental Politics in Transition (43-50), Palgrave Macmillan, London.
  • Christiaens, T. (2019), “Financial neoliberalism and exclusion with and beyond Foucault”, Theory, Culture & Society, 36(4), 95-116.
  • Clarke, S. (1991), “The State Debate”, in: The State Debate (1-69), Palgrave Macmillan, London.
  • Clift, B. (2019), “The hollowing out of monetarism: The rise of rules-based monetary policy-making in the UK and US and problems with the paradigm change framework”, Comparative European Politics, 18, 1-28.
  • Colander, D. & R. Kupers (2014), Complexity and the art of public policy: Solving society’s problems from the bottom up, Princeton University Press.
  • Connell, R. & N. Dados (2014), “Where in the world does neoliberalism come from?”, Theory and Society, 43(2), 117-138.
  • Cotoi, C. (2011), “Neoliberalism: a Foucauldian perspective”, International Review of Social Research, (2), 109-124.
  • Crotty, J. & K-K. Lee (2005), “From East Asian ‘miracle’ to neo-liberal ‘mediocrity’: the effects of liberalization and financial opening on the post-crisis Korean Economy”, Global Economic Review, 34(4), 415-434.
  • Dardot, P. & C. Laval (2014), The new way of the world: On neoliberal society, London: Verso.
  • Davis, R. (1966), “The rise of protection in England, 1689-1786”, The Economic History Review, 19(2), 306-317.
  • Destici, A. & T. Tekerek (2008), Serbest piyasa çöktü mü tartışması, <https://www.milliyet.com.tr/ekonomi/serbest-piyasa-coktu-mu-tartismasi-994630>, 23.08.2022.
  • Dickinson, F.G. (1948), “German experience with social insurance”, Journal of the American Medical Association, 138(2), 149-150.
  • Duménil, G. & D. Levy (2005), “Costs and benefits of neoliberalism: a class analysis”, in: G. Epstein (ed.), Financialization and the World Economy, (17-45), Northampton, US: Edward Elgar.
  • Duménil, G. & D. Levy (2011), The crisis of neoliberalism, Cambridge: Harvard University Press.
  • Duménil, G. & D. Lévy (2015), “Neoliberal managerial capitalism: Another reading of the Piketty, Saez, and Zucman data”, International Journal of Political Economy, 44(2), 71-89.
  • Dwyer, J. (2005), “Ethics and Economics: Bridging Adam Smith's Theory of Moral Sentiments and Wealth of Nations”, Journal of British Studies, 44(4), 662-687.
  • Eroğlu, E. & G. Tunç (2018), “Devletin yeniden ölçeklenmesi ve finansallaşma: Yerel yönetimlerin mali etkinliklerinin değerlendirilmesi”, Emek Araştırma Dergisi, 9(14), 23-50.
  • Erokhin, V. & T. Gao (2020), “Impacts of COVID-19 on trade and economic aspects of food security: Evidence from 45 developing countries”, International Journal of Environmental Research and Public Health, 17(16), 57-75.
  • Fazi, T. (2020), Could Covid-19 vanquish neoliberalism?, <https://unherd.com/2020/04/could-covid-19-vanquish-neoliberalism/>, 23.08.2022.
  • Gill, S. (1995), “The global panopticon? The neoliberal state, economic life, and democratic surveillance”, Alternatives, 20(1), 1-49.
  • Glassman, J. & P. Carmody (2001), “Structural adjustment in East and Southeast Asia: lessons from Latin America”, Geoforum, 32(1), 77-90.
  • Goodhart, C. (2014), “Lessons for monetary policy from the Euro-Area crisis”, Journal of Macroeconomics, 39, 378-382.
  • Gowan, P. (2009), “Crisis in the heartland: consequences of the new Wall Street system”, Estudos Avançados, 23, 49-72.
  • Graeber, D. (2011), Debt. The first five thousand years, New York: Melville House.
  • Green, J. & S. Lavery (2018), “After Neoliberalisation? Monetary indiscipline, crisis and the state”, Transactions of the Institute of British Geographers, 43(1), 79-94.
  • Harvey, D. (2005), A brief history of Neoliberalism, US: Oxford University Press.
  • Helleiner, E. (2003), “Economic liberalism and its critics: The past as prologue?”, Review of International Political Economy, 10(4), 685-696.
  • Hellwig, T.T. (2005), “The origins of unemployment insurance in Britain: A cross-class alliance approach”, Social Science History, 29(1), 107-136.
  • Hill, L. (2001), “The hidden theology of Adam Smith”, European Journal of the History of Economic Thought, 8(1), 1-29.
  • Hirst, P. & G. Thompson (2007[1996]), Küreselleşme Sorgulanıyor, (Çev. Ç. Erdem & E. Yücel), Ankara: Dost.
  • Hobsbawm, E. (2006[1994]), Kısa Yirminci Yüzyıl Aşırılıklar Çağı 1914-1991, (Çev. Y. Alogan), İstanbul: Everest.
  • Hoogvelt, A. (1997), Globalisation and the postcolonial World: The new political economy of development, London: Macmillan.
  • Humphries, J. (1981), “Protective legislation, the capitalist state, and working class men: the case of the 1842 Mines Regulation Act”, Feminist Review, 7(1), 1-33.
  • Hutchison, T. (1976), “Adam Smith and the wealth of nations”, The Journal of Law and Economics, 19(3), 507-528.
  • Ingalls, R.P. (1974), “New York and the minimum‐wage movement, 1933-1937”, Labor History, 15(2), 179-198.
  • Jayasuriya, K. (2005), “Beyond institutional fetishism: From the developmental to the regulatory state”, New Political Economy, 10(3), 381-387.
  • Jessop, B. (2019), “Ordoliberalism and Neoliberalization: Governing through Order or Disorder”, Critical Sociology, 45(7-8), 967-981.
  • Kasper, S.D. (2010), “Henry Calvert Simons”, in: R.B. Emmett (ed.), The Elgar Companion of the Chicago School of Economics (331-336), Edwar Elgar.
  • Keynes, J.M. (1964[1936]), General Theory, Reprint, New York: Harbinger.
  • Lapavitsas, C. (2007), “Neoliberal Dönemde Anayolcu İktisat”, içinde: A-S Filho & D. Johnston (eds.), Neoliberalizm: Muhalif Bir Seçki (59-75), (Çev. Ş. Başlı & T. Öncel), İstanbul: Yordam.
  • Lapavitsas, C. (2009), “Financialization embroils developing countries”, Papeles de Europa, 19, 108-139.
  • Lapavitsas, C. (2010), “Financialization and capitalist accumulation: Structural accounts of the crisis of 2007-9”, Research on Money and Finance, 47(1), 42-55.
  • Lapavitsas, C. (2011), “Theorizing Financialization”, Work, Employment and Society, 25(4), 611-626.
  • Lazzarato, M. (2009), “Neoliberalism in action: Inequality, insecurity and the reconstitution of the social”, Theory, Culture & Society, 26(6), 109-133.
  • Mason, P. (2015), Postcapitalism: A guide to our future, London: Allen Lane.
  • McNally, C.A. (2013), “The challenge of refurbished state capitalism: Implications for the global political economic order”, DMS-der moderne staat-Zeitschrift für Public Policy, Recht und Management, 6(1), 9-10.
  • Mirakhor, A. & H. Askari (2017), Ideal Islamic Economy: An Introduction, Springer.
  • Moreno, L. (2014), “The urban process under financialised capitalism”, City, 18(3), 244-268.
  • Munck, R. (2005), “Neoliberalism and politics, and the politics of neoliberalism”, in: A. Saad-Filho & D. Johnston (eds.), Neoliberalism - A Critical Reader (60-69), London: Pluto Press.
  • Neisser, H. (1934), “General overproduction: A study of Say's law of markets”, Journal of Political Economy, 42(4), 433-465.
  • Neocleous, M. (2014), Güvenliğin Eleştirisi, (Çev. T. Ok), Ankara: Notabene.
  • Öniş, Z. & A.F. Aysan (2000), “Neoliberal globalisation, the nation-state and financial crises in the semi-periphery: A comparative analysis”, Third World Quarterly, 21(1), 119-139.
  • Orhangazi, È. (2008), Financialization and the US Economy, UK: Edward Elgar Publishing.
  • Ostry, J. et al. (2016), “Neoliberalism: Oversold”, Finance & Development, 53(2), 38-41.
  • Pack, S. (1988), “Murray Rothbard’s Adam Smith”, The Quarterly Journal of Austrian Economics, 1(1), 73-79.
  • Palley, T.I. (2013), Overview: financialization as financial neoliberalism, Palgrave Macmillan, London.
  • Peacock, A.E. (1984), “The successful prosecution of the Factory Acts, 1833-55”, Economic History Review, 37(2), 197-210.
  • Peck, J. & N. Theodore (2019), “Still neoliberalism?”, South Atlantic Quarterly, 118(2), 245-265.
  • Pereira, M. & A.M. Oliveira (2020), “Poverty and food insecurity may increase as the threat of COVID-19 spreads”, Public Health Nutrition, 23(17), 3236-3240.
  • Polanyi, K. (2001 [1944]), The great transformation: The political and economic origins of our time, Boston: Beacon Press.
  • Reagan, R. (1981), First Inaugural Address, US: Washington, DC.
  • Robinson, W. (2017), “Debate on the new global capitalism: Transnational capitalist class, transnational state apparatuses and global crisis”, International Critical Thought, 7(2), 171-189.
  • Röpke, W. (1967), Çağımızın Buhranı, İstanbul: Hüsnütabiat.
  • Rose, A. & M. Spiegel (2012), “Cross-Country causes and consequences of the 2008 crisis: Early warning”, Japan and the World Economy, 24(1), 1-16.
  • Rosenberg, S. (2021), “Challenges to neo-liberalism in the United States”, International Review of Applied Economics, 35(3-4), 407-431.
  • Ryan, J.M. (2020), “The blessings of COVID-19 for neoliberalism, nationalism, and neoconservative ideologies”, in: COVID-19 (80-93), London: Routledge.
  • Saxer, M. (2020), “How corona broke the system”, International Politics and Society, 23 March, < https://www.ips-journal.eu/regions/global/article/show/how-corona-broke-thesystem-4180>, 23.08.2022.
  • Schwartz, H. (2012), “Political capitalism and the rise of sovereign wealth funds”, Globalizations, 9(4), 517-530.
  • Skocpol, T. & E. Amenta (1985), “Did capitalists shape social security?”, American Sociological Review, 50(4), 572-575.
  • Skousen, M. (2005), Modern iktisadın inşası: Büyük düşünürlerin hayatları ve fikirleri, İstanbul: Adres.
  • Smith, A. (1976 [1776]), An inquiry into the nature and causes of the wealth of nations, Chicago: Chicago University Press.
  • Smith, A. (2002), Ulusların Zenginliği, (Çev. M.T. Akad), İstanbul: Alan.
  • Stiglitz, J. (2012), “Macroeconomics, monetary policy, and the crisis in the wake of the crisis”, Leading Economists Reassess Economic Policy, 1, 31-42.
  • Stockhammer, E. (2010), “Financialization and the global economy”, Political Economy Research Institute Working Paper, 242(40), 1-17.
  • Stone, L. (1947), “State control in sixteenth-century England”, The Economic History Review, 17(2), 103-120.
  • Streeck, W. (2016), How will capitalism end? Essays on a failing system, London: Verso Books.
  • Šumonja, M. (2021), “Neoliberalism is not dead-On political implications of Covid-19”, Capital & Class, 45(2), 215-227.
  • Talbot, C. (2016), “Debate: ‘Can't govern’,‘won't govern’-the strange confluence of governance and neoliberalism”, Public Money & Management, 36(4), 243-246.
  • Tisdell, C. (2020), “Economic, social and political issues raised by the covid-19 pandemic”, Economic Analysis and Policy, 68, 17-28.
  • Tönnies, F. (1988), Community and Society/Gemeinschaft und Gesellschaft, New Brunswick, New Jersey: Transaction Publishers.
  • Tuman, J.P. & J.R. Strand (2006), “The role of mercantilism, humanitarianism, and gaiatsu in Japan's ODA programme in Asia”, International Relations of the Asia-Pacific, 6(1), 61-80.
  • Turner, R.L. (1989), “Mrs Thatcher's ‘Enterprise Culture’: Any Progress?”, Teaching Public Administration, 9(1), 41-51.
  • Vellucci, P. (2021), “A critique of financial neoliberalism: a perspective combining multidisciplinary methods and commodity markets”, SN Business & Economics, 1(3), 1-11.
  • Waugh, S.L. (1991), England in the Reign of Edward III, England: Cambridge University Press.
  • Western, M. et al. (2007), “Neoliberalism, inequality and politics: The changing face of Australia”, Australian Journal of Social Issues, 42(3), 401-418.
  • Wolfe, D. (1981), “Mercantilism, Liberalism and Keynesianism: Changing Forms of State Intervention in Capitalist Economics”, Critical Theory, 5(1-2), 69-96.
  • Wright, M. et al. (2021), “The return of state capitalism? How the Covid-19 pandemic put the liberal market economies to the test”, LSE Business Review, <https://eprints.lse.ac.uk/109971/1/businessreview_2021_03_09_the_return_of_state_capitalism_how_the.pdf>, 23.08.2022.
Toplam 108 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm Makaleler
Yazarlar

Betül Sarı Aksakal 0000-0003-2668-364X

Proje Numarası -
Erken Görünüm Tarihi 23 Temmuz 2023
Yayımlanma Tarihi 26 Temmuz 2023
Gönderilme Tarihi 20 Eylül 2022
Yayımlandığı Sayı Yıl 2023 Cilt: 31 Sayı: 57

Kaynak Göster

APA Sarı Aksakal, B. (2023). The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics. Sosyoekonomi, 31(57), 131-155. https://doi.org/10.17233/sosyoekonomi.2023.03.07
AMA Sarı Aksakal B. The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics. Sosyoekonomi. Temmuz 2023;31(57):131-155. doi:10.17233/sosyoekonomi.2023.03.07
Chicago Sarı Aksakal, Betül. “The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics”. Sosyoekonomi 31, sy. 57 (Temmuz 2023): 131-55. https://doi.org/10.17233/sosyoekonomi.2023.03.07.
EndNote Sarı Aksakal B (01 Temmuz 2023) The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics. Sosyoekonomi 31 57 131–155.
IEEE B. Sarı Aksakal, “The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics”, Sosyoekonomi, c. 31, sy. 57, ss. 131–155, 2023, doi: 10.17233/sosyoekonomi.2023.03.07.
ISNAD Sarı Aksakal, Betül. “The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics”. Sosyoekonomi 31/57 (Temmuz 2023), 131-155. https://doi.org/10.17233/sosyoekonomi.2023.03.07.
JAMA Sarı Aksakal B. The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics. Sosyoekonomi. 2023;31:131–155.
MLA Sarı Aksakal, Betül. “The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics”. Sosyoekonomi, c. 31, sy. 57, 2023, ss. 131-55, doi:10.17233/sosyoekonomi.2023.03.07.
Vancouver Sarı Aksakal B. The Myth of the Invisible Hand: A Discussion on Incomprehensible and Misused Concept of Economics. Sosyoekonomi. 2023;31(57):131-55.