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The individual and the market: Paul Samuelson on (homothetic) Santa Claus economics

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  • D.W. Hands

Abstract

Paul Samuelson often used the term “Santa Claus economics” for mathematical models with empirically unrealistic assumptions. I focus on one particular member of the Santa Claus family that Samuelson was very sceptical about: homothetic general equilibrium models (where all agents have identical homothetic preferences). I argue that Samuelson's concerns about these models provide insights into how he viewed the relationship between the individual and the market, a relationship that has implications for not only his economic theorising, but also his broader political--economic vision. His criticisms are also relevant to some ongoing debates within contemporary economic theory.

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  • D.W. Hands, 2016. "The individual and the market: Paul Samuelson on (homothetic) Santa Claus economics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 23(3), pages 425-452, June.
    • Handle: RePEc:taf:eujhet:v:23:y:2016:i:3:p:425-452
    DOI: 10.1080/09672567.2014.916731
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    Cited by:

    1. Maximilian Tallgauer & Christoph Schank, 2023. "Rethinking Economics Education for Sustainable Development: A Posthumanist Practice Approach," Sustainability, MDPI, vol. 15(11), pages 1-14, June.
    2. Drakopoulos, Stavros A., 2022. "The Conceptual Resilience of the Atomistic Individual in Mainstream Economic Rationality," MPRA Paper 112944, University Library of Munich, Germany.
    3. Stavros A. Drakopoulos, 2024. "Value Judgements, Positivism and Utility Comparisons in Economics," Journal of Business Ethics, Springer, vol. 189(3), pages 423-437, January.

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