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Nonfiction Whither Socialism?

Posted on 2010-04-14




Name:Nonfiction Whither Socialism?
ASIN/ISBN:0262691825
Publisher:The MIT Press
Publish Date:1996
Pages:pages: 352
File size:12.5 Mb
Publisher: The MIT Press
Pages: 352
Publish Date: 1996
ISBN: 0262691825
File Type: CHM
File Size: 12,5 mb
   Nonfiction Whither Socialism?

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Whither Socialism?

The rapid collapse of socialism has raised new economic policy questions and revived old theoretical issues. 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 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.

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