false 2079818 2 The rapid collapse of socialism has raised new economic policy questions and revived old theoretical issues. In this book, Joseph Stiglitz explains how the neoclassical, or Walrasian model (the formal articulation of Adam Smith's invisible hand), which has dominated economic thought over the past half century, may have wrongly encouraged the belief that market socialism could work. Stiglitz proposes an alternative model, based on the economics of information, that provides greater theoretical insight into the workings of a market economy and clearer guidance for the setting of policy in transitional economies.<br /> <br /> Stiglitz sees the critical failing in the standard neoclassical model underlying market socialism to be its assumptions concerning information, particularly its failure to consider the problems that arise from lack of perfect information and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness of markets, competitiveness of markets, and the absence of innovation. Stiglitz argues that not only did the existing paradigm fail to provide much guidance on the vital question of the choice of economic systems, the advice it did provide was often misleading.<br /> <br /> <i>The Wicksell Lectures</i> 2085094 10 1994 Whither Socialism? (Wicksell Lectures) total:5|5:2|3:2|1:1| 5 17 16 0 0 0 false false Tue Oct 06 14:35:03 -0700 2009 Tue Oct 06 14:35:03 -0700 2009 0 0 false false Sat Sep 12 19:35:04 -0700 2009 Sat Sep 12 19:35:04 -0700 2009 0 0 false false Thu Aug 20 13:27:08 -0700 2009 Thu Aug 20 13:27:08 -0700 2009 0 0 false false Tue Aug 04 09:45:53 -0700 2009 Tue Aug 04 09:45:53 -0700 2009 0 0 false false Mon Apr 13 09:41:54 -0700 2009 Mon Apr 13 09:41:54 -0700 2009 0 0 false false Mon Jan 26 16:35:04 -0800 2009 Mon Jan 26 16:35:04 -0800 2009 5 0 false false Mon Sep 01 00:00:00 -0700 2008 Fri Jan 02 21:29:31 -0800 2009 Fri Jan 02 21:29:31 -0800 2009 3 0 false false Mon Sep 29 10:00:12 -0700 2008 Mon Sep 29 10:00:12 -0700 2008 0 0 false false Thu Aug 21 18:47:10 -0700 2008 Thu Aug 21 18:47:12 -0700 2008 1 0 false false Tue Jul 22 19:58:34 -0700 2008 Tue Jul 22 19:58:34 -0700 2008 5 0 false false Fri Jul 11 03:49:33 -0700 2008 Fri Jul 11 03:49:39 -0700 2008 0 0 false false Fri Apr 18 14:18:27 -0700 2008 Fri Apr 18 14:18:31 -0700 2008 3 0 false false Tue Mar 04 23:24:22 -0800 2008 Tue Mar 04 23:24:22 -0800 2008 0 0 false false Wed Jan 23 09:05:27 -0800 2008 Wed Jan 23 09:05:27 -0800 2008 0 0 false false Fri Aug 31 11:35:19 -0700 2007 Fri Aug 31 11:35:19 -0700 2007 0 0 false false Wed Aug 01 09:50:26 -0700 2007 Wed Aug 01 09:50:28 -0700 2007 http://www.goodreads.com/book_link/follow/8?book_id=2079818