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The magic market and the Nobel turn: a review article

Author

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  • K. Vela Velupillai

    (National University of Ireland)

Abstract

This is a Review Article of The Nobel Factor—The Prize in Economics, Social Democracy, and The Market Turn by Avner Offer & Gabriel Söderberg. The authors make an excellent case for tempering the individual, welfare-based, market-mechanism dominated orthodox economics, buttressed by ill-conceived bracketing of a Nobel Memorial Prize in Economic Sciences, with the social democracy of political economy. A vast array of relevant literature, both technical and more-common journalistic sources, is harnessed to make their case. This reviewer believes the authors have succeeded in their aims—if with qualifications.

Suggested Citation

  • K. Vela Velupillai, 2017. "The magic market and the Nobel turn: a review article," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 34(3), pages 565-585, December.
    • Handle: RePEc:spr:epolit:v:34:y:2017:i:3:d:10.1007_s40888-017-0072-4
    DOI: 10.1007/s40888-017-0072-4
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    References listed on IDEAS

    as
    1. Klamer, Arjo, 1989. "An Accountant among Economists: Conservations with Sir John R. Hicks," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 167-180, Fall.
    2. W. J. Corlett & D. C. Hague, 1953. "Complementarity and the Excess Burden of Taxation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 21(1), pages 21-30.
    3. Ying-Fang Kao & K. Vela Velupillai, 2015. "Behavioural economics: Classical and modern," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(2), pages 236-271, April.
    4. Stefano Zambelli, 2007. "A Rocking Horse That Never Rocked: Frisch's “Propagation Problems and Impulse Problems”," History of Political Economy, Duke University Press, vol. 39(1), pages 145-166, Spring.
    5. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
    6. Finn E. Kydland & Edward C. Prescott, 1990. "Business cycles: real facts and a monetary myth," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 14(Spr), pages 3-18.
    7. Hicks, John R [Sir], 1973. "Recollections and Documents," Economica, London School of Economics and Political Science, vol. 40(157), pages 2-11, February.
    8. Hugo Sonnenschein, 1973. "The Utility Hypothesis and Market Demand Theory," Discussion Papers 51, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    9. Avner Offer, 2005. "The Markup for Lemons: Quality and Uncertainty in American and British Used-Car Markets c.1953-1973," Oxford Economic and Social History Working Papers _060, University of Oxford, Department of Economics.
    10. Lancaster, Kelvin, 1973. "The Dynamic Inefficiency of Capitalism," Journal of Political Economy, University of Chicago Press, vol. 81(5), pages 1092-1109, Sept.-Oct.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    The market mechanism; Social democracy; Social insurance; Welfare triangles; Consumer surplus;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General

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