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The Potentials and Limits of the Market in Resource Allocation

In: Issues in Contemporary Microeconomics and Welfare

Author

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  • Kenneth J. Arrow

Abstract

The prestige status of the purest of pure economic theory has never been higher; and yet there is now, as there has always been, a pervasive scepticism about the descriptive power and normative utility of Walrasian or other varieties of the theory of general competitive equilibrium.1 The mutual adjustment of prices and quantities represented by the neoclassical model is an important aspect of economic reality worthy of the serious analysis that has been bestowed on it; and certain dramatic historical episodes suggest that an economic mechanism exists that is capable of adaptation to radical shifts in demand and supply conditions.

Suggested Citation

  • Kenneth J. Arrow, 1985. "The Potentials and Limits of the Market in Resource Allocation," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Issues in Contemporary Microeconomics and Welfare, chapter 2, pages 107-124, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06876-0_2
    DOI: 10.1007/978-1-349-06876-0_2
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    Citations

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    Cited by:

    1. Kräkel, Matthias, 2006. "On the "Adverse Selection" of Organizations," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 168, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
    2. Soltanzadeh, Javad & Blind, Knut & Elyasi, Mehdi, 2023. "Exploring how regulators face platform business issues in the lifecycle stages: Evidence of iranian ride-hailing platform business," Telecommunications Policy, Elsevier, vol. 47(7).
    3. Svetlana V. Orekhova & Ivan A. Butakov, 2022. "Allocation of a resource portfolio in a group of industrial enterprises," Journal of New Economy, Ural State University of Economics, vol. 23(4), pages 87-120, January.
    4. Jiao Luo & Aseem Kaul, 2019. "Private action in public interest: The comparative governance of social issues," Strategic Management Journal, Wiley Blackwell, vol. 40(4), pages 476-502, April.
    5. Mikhail A. Safarov, 2023. "Quality of accessibility vs quality accessibility of medical service in Russia: Measurement issues," Journal of New Economy, Ural State University of Economics, vol. 24(1), pages 126-141, April.
    6. Khadijah Adeola Idowu & Jamiu Olakunle Tijani, 2020. "Audit Reporting Lag and Regulatory Compliance in Listed Financial Services Firms in Nigeria: A Cross-Sectoral Evaluation," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(3), pages 163-173, September.
    7. David Procházka, 2015. "Is a Full International Accounting Convergence Desirable? [Je žádoucí úplná konvergence účetního výkaznictví?]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2015(3), pages 7-23.
    8. J.A. den Hertog, 2010. "Review of economic theories of regulation," Working Papers 10-18, Utrecht School of Economics.

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