Whither Socialism?

Joseph E. Stiglitz (Columbia University)

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English

MIT Press
31 January 1996

Socialism & left-of-centre democratic ideologies; Economic theory & philosophy; Economic systems & structures

Series: Wicksell Lectures

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.

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.

By: Joseph E. Stiglitz (Columbia University)
Imprint: MIT Press
Country of Publication: United States
Edition: New edition
Dimensions: Height: 254mm, Width: 178mm, Spine: 20mm
Weight: 553g
ISBN: 9780262691826
ISBN 10: 0262691825
Series: Wicksell Lectures
Pages: 352
Publication Date: 31 January 1996
Recommended Age: From 18
Audience: College/higher education , Professional and scholarly , Professional & Vocational , A / AS level , Further / Higher Education
Format: Paperback
Publisher's Status: Active

Joseph Stiglitz, a 2001 Nobel Laureate, is University Professor at Columbia University.

Reviews for Whither Socialism?

Whither Socialism? is to be recommended. It offers deep new thinking on a big subject: the role of the state. It is rigorous and accessible, a rare combination. * The Economist *