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

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  • Alejandro Agafonow

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

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    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.

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    File URL: http://www.ecap.uab.es/RePEc/doc/wpdea0911.pdf
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    Bibliographic Info

    Paper provided by Department of Applied Economics at Universitat Autonoma of Barcelona in its series Working Papers with number wpdea0911.

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    Length: 29 pages
    Date of creation: Nov 2009
    Date of revision:
    Handle: RePEc:uab:wprdea:wpdea0911

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    Keywords: altruism; Nash equilibrium; game theory; planning; communism; equality;

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    1. Morgenstern, Oskar, 1972. "Thirteen Critical Points in Contemporary Economic Theory: An Interpretation," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 10(4), pages 1163-89, December.
    2. Morgenstern, Oskar, 1976. "The Collaboration between Oskar Morgenstern and John von Neumann on the Theory of Games," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 14(3), pages 805-16, September.
    3. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, Econometric Society, vol. 18(2), pages 155-162, April.
    4. Hurwicz, Leonid, 1973. "The Design of Mechanisms for Resource Allocation," American Economic Review, American Economic Association, American Economic Association, vol. 63(2), pages 1-30, May.
    5. R. Myerson., 2010. "Nash Equilibrium and the History of Economic Theory," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
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