Post Walrasian and Post Marxian Economics
AbstractIt is widely believed that the failure of the socialist experiment should have had a devastating effect on radical economics. Yet radical economics is not only alive and well, but flourishing. Years before the official demise of Marxist-socialism, they had broadened their critique of standard economics well beyond the received Marxist literature. Indeed, their arguments offered striking parallels with the mainstream critiques of Walrasian economics provided by the newly developing strand of thought I shall refer to as "information economics." In Walrasian economics, information is free. Moreover, there are no costs associated either with making or enforcing contracts. But with imperfect and costly information and incomplete risk markets, the field of information economics has established that: 1) in general, markets are not (constrained) Pareto efficient; 2) markets may not clear; 3) markets may not exist, or when they exist, may be thin; 4) rents are pervasive, and indeed, reputation rents are necessary to ensure that high-quality products get produced, that workers do not shirk, and so on; 5) even when there are many participants in a market, competition may be highly imperfect; and 6) the distribution of income matters for economic efficiency.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by American Economic Association in its journal Journal of Economic Perspectives.
Volume (Year): 7 (1993)
Issue (Month): 1 (Winter)
Find related papers by JEL classification:
- D00 - Microeconomics - - General - - - General
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Safarzynska, Karolina & van den Bergh, Jeroen C.J.M., 2010. "Evolving power and environmental policy: Explaining institutional change with group selection," Ecological Economics, Elsevier, vol. 69(4), pages 743-752, February.
- D. P. T. Young, 2000. "Firms' Market Power, Endogenous Preferences and the Focus of Competition Policy," Review of Political Economy, Taylor & Francis Journals, vol. 12(1), pages 73-87.
- Stefano Zamagni, 1994. "Economia e filosofia," Working Papers 184, Dipartimento Scienze Economiche, Universita' di Bologna.
- David Colander, 2003.
"Post Walrasian Macro Policy and the Economics of Muddling Through,"
Middlebury College Working Paper Series
0322, Middlebury College, Department of Economics.
- David Colander, 2003. "Post Walrasian Macro Policy and the Economics of Muddling Through," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 33(2), pages 17-35, June.
- David Colander, 2003. "Post Walrasian Macro Policy and the Economics of Muddling Through," Middlebury College Working Paper Series 0322r, Middlebury College, Department of Economics.
- Yahya Madra & Fikret Adaman, 2013. "Neoliberal reason and its forms:Depoliticization through economization," Working Papers 2013/07, Bogazici University, Department of Economics.
- J. Barkley Rosser, 2003. "A Nobel Prize for Asymmetric Information: The economic contributions of George Akerlof, Michael Spence and Joseph Stiglitz," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 3-21.
- Russell Smyth & Dic Lo, 2000. "Theories of the Firm and the Relationship between Different Perspectives on the Division of Labour," Review of Political Economy, Taylor & Francis Journals, vol. 12(3), pages 333-349.
- Bruno Tinel, 2004. "Que reste-t-il de la contribution d'Alchian et Demsetz à la théorie de l'entreprise ?," Post-Print halshs-00270895, HAL.
- Thomas Riechmann & Joachim Weimann, 2004.
"Competition as a Coordination Device. Experimental Evidence from a Minimum Effort Coordination Game,"
Game Theory and Information
- Riechmann, Thomas & Weimann, Joachim, 2008. "Competition as a coordination device: Experimental evidence from a minimum effort coordination game," European Journal of Political Economy, Elsevier, vol. 24(2), pages 437-454, June.
- Markus Kitzmueller, 2008. "Economics and Corporate Social Responsibility," Economics Working Papers ECO2008/37, European University Institute.
- Markus Kitzmueller & Jay Shimshack, 2012. "Economic Perspectives on Corporate Social Responsibility," Journal of Economic Literature, American Economic Association, vol. 50(1), pages 51-84, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jane Voros) or (Michael P. Albert).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.