Whither Socialism? (Wicksell Lectures)
| Author | : | |
| Rating | : | 4.82 (941 Votes) |
| Asin | : | 0262691825 |
| Format Type | : | paperback |
| Number of Pages | : | 352 Pages |
| Publish Date | : | 2017-12-17 |
| Language | : | English |
DESCRIPTION:
D. W. MacKenzie said At the Heels of Giants. This book possesses two distinct features. First, it errs frequently. Second, it errs amateurishly. Perhaps the most important error in this book is in how it was researched. It references nothing that Lange and Hayek wrote during the Interwar Debate on Socialism. It references none of the articles that Lerner or Knight published in this debate. . Gregory Alan Wingo said Information Economics. This is perhaps Stiglitz' masterpiece since he is now devoting himself to popular works on current economic events. Written in the midst of Eastern Europe's transition out of communism, it reflects on the problems of market systems and, necessarily, on socialism. It is a profound look at the spectrum of capitalism from neo-liberalism to market so. Fine critique of capitalism's dogmas The American economist Joseph Stiglitz argues that the neoclassical model (`the competitive paradigm') propped up the idea of market socialism, so the failure of market socialism also refutes the neoclassical model.In market socialism, governments use prices, just like market economies do, to allocate resources. But as Stiglitz points out, in the
In this book, Joseph Stiglitz explains how the neoclassical, or Walrasian model (the formal articulation of Adam Smith's invisible hand), which has dominated economic thought over the past half century, may have wrongly encouraged the belief that market socialism could work. 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 proposes an alternative model, based on the economics of information, that provides greater theoretical insight into the workings of a market economy and clearer guidance for the setting of policy in transitional economies.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 marke
Joseph E. Stiglitz, a Fellow of the American Academy of Arts and Sciences since 1983, is University Professor at Columbia University. He is indebted to the MacArthur, Mott, and Ford Foundations for financial support.. His recent books include Globalization and Its Discontents (2002) and The Roaring Nineties: A New History of the World's Most Prosperous Decade (
joe Stigliz shows how economic theory, sensitively used, can inform policies toward the transition. It is rigorous and accessible, a rare combination. For economists offering policy recommendations, whatever their ideological stripe, this book is a must. This book uses it to illuminate a classic question concerning the organization of the public side of our lives. (Barry Eichengreen, Dept of Economics, University of California)A disproportionate amount of the best in modern economics is Stiglitz's creation. It offers deep new thinking on a big subject: the role of the state. Judged in terms of both depth and reach, this elegantly written volume is never less than what we have come to expect for one of the most si