"The neoclassical paradigm, through its incorrect characterization of the market economies and the central problems of resource allocation, provides a false sense of belief in the ability of market socialism to solve those resource allocation problems. To put it another way, if the neoclassical paradigm had provided a good description of the resource allocation problem and the market mechanism, then market socialism might well have been a success. The very criticisms of market socialism are themselves, to a large extent, criticisms of the neoclassical paradigm."
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Academics from the United StatesNon-fiction authors from the United StatesJews from the United StatesEconomists from the United StatesNobel laureates in Economics
Original Language: English
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Chap. 1 : The Theory of Socialism and the Power of Economic Ideas
https://en.wikiquote.org/wiki/Joseph_Stiglitz
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Joseph Stiglitz
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