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Venezuelan Economic Laboratory. The Case of the Altruistic Economy of Felipe Pérez Martí

Author

Listed:
  • Alejandro Agafonow

    (Departament d'Economia Aplicada, Universitat Autonoma de Barcelona)

Abstract

Felipe Pérez Martí, who was the Venezuelan Minister of Planning and Development in the government of Hugo Chávez, proposes an economic model that he calls the altruistic economy or fourth way, which leads cooperative game theory to its logical extremes postulating a pure communism. Here we sustain that, first, it is impossible in the model of Pérez Martí to marginally allocate non-primary goods to those most in need or who most value them, facing a problem of defective economic calculation, and second, in order to achieve equality, he would have to replace his atomic local planners by a central planner, who would be unable to overcome the problem of imperfect and and incomplete information.

Suggested Citation

  • Alejandro Agafonow, 2009. "Venezuelan Economic Laboratory. The Case of the Altruistic Economy of Felipe Pérez Martí," Working Papers wpdea0911, Department of Applied Economics at Universitat Autonoma of Barcelona.
    • Handle: RePEc:uab:wprdea:wpdea0911
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    References listed on IDEAS

    as
    1. Hurwicz, Leonid, 1973. "The Design of Mechanisms for Resource Allocation," American Economic Review, American Economic Association, vol. 63(2), pages 1-30, May.
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    4. Roger B. Myerson, 1999. "Nash Equilibrium and the History of Economic Theory," Journal of Economic Literature, American Economic Association, vol. 37(3), pages 1067-1082, September.
    5. Oskar Lange, 1936. "On the Economic Theory of Socialism," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 4(1), pages 53-71.
    6. Morgenstern, Oskar, 1972. "Thirteen Critical Points in Contemporary Economic Theory: An Interpretation," Journal of Economic Literature, American Economic Association, vol. 10(4), pages 1163-1189, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    altruism; Nash equilibrium; game theory; planning; communism; equality;
    All these keywords.

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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