Venezuelan Economic Laboratory. The Case of the Altruistic Economy of Felipe Pérez Martí
AbstractFelipe 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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Bibliographic InfoPaper provided by Department of Applied Economics at Universitat Autonoma of Barcelona in its series Working Papers with number wpdea0911.
Length: 29 pages
Date of creation: Nov 2009
Date of revision:
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altruism; Nash equilibrium; game theory; planning; communism; equality;
Find related papers by 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, Technological Change, and Growth - - Development Planning and Policy
- P2 - Economic Systems - - Socialist Systems and Transition Economies
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