IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/2759_3.html
   My bibliography  Save this book chapter

Keynesian economics and critique of first fundamental theorem of welfare economics

In: Market Failure or Success

Author

Listed:
  • Joseph E. Stiglitz

Abstract

Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a few examples. This volume brings together the key papers on the subject, including classic papers by Joseph Stiglitz, George Akerlof and Paul David. The book provides powerful theoretical and empirical rebuttals challenging the assumptions of these new models and questioning the usual policy conclusions. It goes on to demonstrate how an examination of real markets and careful experimental studies are unable to verify the new theories. New frontiers for research are also suggested.

Suggested Citation

  • Joseph E. Stiglitz, 2002. "Keynesian economics and critique of first fundamental theorem of welfare economics," Chapters,in: Market Failure or Success, chapter 3 Edward Elgar Publishing.
  • Handle: RePEc:elg:eechap:2759_3
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/1843760258.00011.xml
    Download Restriction: no

    More about this item

    Keywords

    Economics and Finance;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:2759_3. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Darrel McCalla). General contact details of provider: http://www.e-elgar.com .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.