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Libertarian athiests love jewish economists, even if they
Posted on: April 12, 2025 at 01:31:10 CT
MUTGR MU
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are socialists..or maybe just anyone who is anti-Trump...
Practical implications of Stiglitz's theories
The practical implications of Stiglitz's work in political economy and their economic policy implications have been subject to debate.[54] Stiglitz himself has evolved his political-economic discourse over time.[55]
Once incomplete and imperfect information is introduced, Chicago-school defenders of the market system cannot sustain descriptive claims of the Pareto efficiency of the real world. Thus, Stiglitz's use of rational-expectations equilibrium assumptions to achieve a more realistic understanding of capitalism than is usual among rational-expectations theorists leads, paradoxically, to the conclusion that capitalism deviates from the model in a way that justifies state action – socialism – as a remedy.[56]
The effect of Stiglitz's influence is to make economics even more presumptively interventionist than Samuelson preferred. Samuelson treated market failure as an exception to the general rule of efficient markets. But the Greenwald-Stiglitz theorem posits market failure as the norm, establishing "that government could potentially almost always improve upon the market's resource allocation." And the Sappington-Stiglitz theorem "establishes that an ideal government could do better running an enterprise itself than it could through privatization"[57]
— Stiglitz 1994, p. 179.[56]
As David L. Prychitko discusses in his "critique" to Whither Socialism?, he thought that Stiglitz seems generally correct,[citation needed] though it still leaves how the coercive institutions of the government[neutrality is disputed] should be constrained and what the relation is between the government and civil society.[58]
And:
https://mises.org/mises-wire/sorry-stiglitz-its-socialism-thats-rigged-not-capitalism
Edited by MUTGR at 02:34:56 on 04/12/25
Practical implications of Stiglitz's theories
The practical implications of Stiglitz's work in political economy and their economic policy implications have been subject to debate.[54] Stiglitz himself has evolved his political-economic discourse over time.[55]
Once incomplete and imperfect information is introduced, Chicago-school defenders of the market system cannot sustain descriptive claims of the Pareto efficiency of the real world. Thus, Stiglitz's use of rational-expectations equilibrium assumptions to achieve a more realistic understanding of capitalism than is usual among rational-expectations theorists leads, paradoxically, to the conclusion that capitalism deviates from the model in a way that justifies state action – socialism – as a remedy.[56]
The effect of Stiglitz's influence is to make economics even more presumptively interventionist than Samuelson preferred. Samuelson treated market failure as an exception to the general rule of efficient markets. But the Greenwald-Stiglitz theorem posits market failure as the norm, establishing "that government could potentially almost always improve upon the market's resource allocation." And the Sappington-Stiglitz theorem "establishes that an ideal government could do better running an enterprise itself than it could through privatization"[57]
— Stiglitz 1994, p. 179.[56]
As David L. Prychitko discusses in his "critique" to Whither Socialism?, he thought that Stiglitz seems generally correct,[citation needed] though it still leaves how the coercive institutions of the government[neutrality is disputed] should be constrained and what the relation is between the government and civil society.[58]
And:
https://mises.org/mises-wire/sorry-stiglitz-its-socialism-thats-rigged-not-capitalism
Edited by MUTGR at 02:34:56 on 04/12/25
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Libertarian athiests love jewish economists, even if they - MUTGR MU - 4/12 01:31:10