Joseph Stiglitz: Difference between revisions - Wikipedia

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''[[Whither Socialism?]]'' is based on Stiglitz's Wicksell Lectures, presented at the [[Stockholm School of Economics]] in 1990 and presents a summary of [[information economics]] and the theory of markets with imperfect information and imperfect competition, as well as being a critique of both free market and market socialist approaches (see Roemer critique, op. cit.). Stiglitz explains how the [[neoclassical economics|neoclassical]], or [[Walrasian model]] ("Walrasian economics" refers to the result of the process which has given birth to a formal representation of [[Adam Smith]]'s notion of the "invisible hand", along the lines put forward by [[Léon Walras]] and encapsulated in the general equilibrium model of [[Arrow–Debreu model|Arrow–Debreu]]), may have wrongly encouraged the belief that [[market socialism]] could work. Stiglitz proposes an alternative model, based on the [[information economics]] established by the Greenwald–Stiglitz theorems.

One of the reasons Stiglitz sees for the critical failing in the standard [[neoclassical economics|neoclassical model]], on which [[market socialism]] was built, is 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.<ref name=ZAPIA>{{cite web|url=http://www.econ-pol.unisi.it/pubdocenti/HEI99.pdf |author=Zapia, Carlo |title=The economics of information, market socialism and Hayek's legacy |publisher=Dipartimento di Economia Politica, Università di Siena |access-date=October 29, 2013 |url-status=dead |archive-url=https://web.archive.org/web/20070614110711/http://www.econ-pol.unisi.it/pubdocenti/HEI99.pdf |archive-date=June 14, 2007 }}</ref>

===''Globalization and Its Discontents'' (2002)===