Economic insights for a more equitable society
The author argues that mainstream economics largely abandoned this theorem almost twenty years ago and has subsequently moved through two new methodological phases.
Many scholars have accepted the dominant role of economics in the social sciences because of the perceived power of its first fundamental welfare theorem: the social optimality of a fully decentralized (privately-owned) and competitive economy rooted in rational individual choice.
Author: William Milberg
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Copyright ©2021 Schwartz Center for Economic Policy Analysis The New School
Copyright ©2021 Schwartz Center for Economic Policy Analysis The New School