"At the center of market fundamentalism lies the general acceptance of the Walrasian general equilibrium model, or the neo-classical paradigm. Although many economists came to doubt the universal validity of such models in view of economies of scope, bounded rationality, asymmetric information, and other types of market imperfections and ventured into institutional analysis, the orthodoxy still remains the one which postulate some type of rationality of atomized individuals and the market which mediate among these atomized individuals and firms to reach some stable equilibrium."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Imported from EN Wikiquote
https://en.wikiquote.org/wiki/Eisuke_Sakakibara
Revision History
No revisions have been submitted for this quote.
Categories
Eisuke Sakakibara
Eisuke Sakakibara (born March 27, 1941) is a Japanese economist, Professor at Keio University, and former Vice Minister of Finance for International Affairs, who was known as "Mr Yen".
4 quotes on TrueQuotesView all quotes by Eisuke Sakakibara →
Related Quotes
"It was in 1926 that John Maynard Keynes wrote his now famous essay "The End of Laissez-Faire." Since then, history ha…"
"As was rightly pointed out by Karl Polanyi in the 1940s , the 19th century laissez-faire regime can be thought of as …"
"What I aspire to in the 21st century is a global world system that inter-connects each region and country with their …"
"In the summer of 1975, I read Marx’s Economics by Michio Morishima (1973), a Japanese mathematical Marxist economist.…"
"The later Morishima’s dissatisfaction with the false sense of completed achievement―and the related smugness―of many …"
"Leon Walras, the sun of one of the planetary systems in the universe of economics, developed a general equilibrium mo…"
"In the case of the exploitation of slave labor, by contrast, things are exceedingly clear. Slaves, who exist as a sor…"
"Since the labor-power could be the labor of four, eight, or even twelve hours, the amount of labor expended can be au…"
"Once the means of production have become capital, a certain quantity of value is augmented through the exploitation o…"
"Marx refers to the value invested on the means of production as constant capital."