Economic Theory

Economics in a Changed Universe: Joseph E. Stiglitz, by Gerald L. Houseman

By Gerald L. Houseman

This ebook explains how the revolution in economics, wrought by way of Joseph E. Stiglitz and the economics of knowledge, has supplied us with new tools and solutions to fixing monetary difficulties, in particular for the negative international locations of the area. It brings 230 years of financial idea and folklore into query and indicates us that _free enterprise_ and the _market_ that we as soon as revered doesn't exist.

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Extra info for Economics in a Changed Universe: Joseph E. Stiglitz, Globalization, and the Death of 'Free Enterprise'

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9 Much of the difficulty with the standard theory is with its inability to reach into the darker recesses of the economy to find pervasive market efficiencies that are hard to detect. The logic that is decisive in this case is that we do know that the malfunctions of an economy can be bad indeed; it therefore is likely that it is malfunctioning in more subtle ways most of the time. The approach of information economics provides much greater hope that such subtleties can be discovered, appreciated, and set aright, providing security and stability for an economy that will directly affect the welfare of the general public; the “free enterprise” faith quite definitely provides no such hope.

Drug lobbyists, we should be reminded, gave us a price-fixing system written into the 2004 Medicare revisions that few can really understand and which bear no conceivable relationship to any “free market” claim. This unbelievably bad legislation provides for a “doughnut hole,” a period of years in which a person receives no benefits after having received them and before he or she will once again be eligible for them. Those who drafted this law have created the impression that they must have been insane.

Less well-known, but also dangerous, are the secretive but harmful maneuvers associated with disruptions like the hedge fund crisis of 1999. The long shadow of this debacle still hangs over the U. S. and other major financial markets of the world because there is strong evidence that it could occur again. A large and mismanaged fund, the Long Term Capital Management Company, operating secretly and well below the regulatory radar, suddenly threw the financial establishment into a state of panic.

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