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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)

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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    File URL: http://www.ecap.uab.es/RePEc/doc/wpdea0911.pdf
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    References listed on IDEAS

    as
    1. R. Myerson., 2010. "Nash Equilibrium and the History of Economic Theory," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
    2. Hurwicz, Leonid, 1973. "The Design of Mechanisms for Resource Allocation," American Economic Review, American Economic Association, vol. 63(2), pages 1-30, May.
    3. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
    4. Morgenstern, Oskar, 1976. "The Collaboration between Oskar Morgenstern and John von Neumann on the Theory of Games," Journal of Economic Literature, American Economic Association, vol. 14(3), pages 805-816, September.
    5. Oskar Lange, 1936. "On the Economic Theory of Socialism," Review of Economic Studies, Oxford University Press, 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)

    More about this item

    Keywords

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

    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 - Economic Systems - - Socialist Systems and Transition Economies

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