Stiglitz sees the critical failing in the standard neoclassical model underlying market socialism to be its assumptions concerning information, particularly its failure to consider the problems that arise from lack of perfect information and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness of markets, competitiveness of markets, and the absence of innovation. Stiglitz argues that not only did the existing paradigm fail to provide much guidance on the vital question of the choice of economic systems, the advice it did provide was often misleading.
Stiglitz sees the critical failing in the standard neoclassical model underlying market socialism to be its assumptions concerning information, particularly its failure to consider the problems that arise from lack of perfect information and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness of markets, competitiveness of markets, and the absence of innovation. Stiglitz argues that not only did the existing paradigm fail to provide much guidance on the vital question of the choice of economic systems, the advice it did provide was often misleading.
Whither Socialism?
352Whither Socialism?
352Paperback(Reprint)
Product Details
ISBN-13: | 9780262691826 |
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Publisher: | MIT Press |
Publication date: | 01/31/1996 |
Series: | Wicksell Lectures |
Edition description: | Reprint |
Pages: | 352 |
Product dimensions: | 6.00(w) x 9.00(h) x (d) |
Age Range: | 18 Years |