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Markets vs. government when rationality is unequally bounded: some consequences of cognitive inequalities for theory and policy
[working paper]
Corporate Editor
Walter Eucken Institut e.V.
Abstract "Recognizing that human rationality has bounds that are unequal across individuals entails treating it as a special scarce resource, tied to individuals and used for deciding on its own uses. This causes a meta-mathematical difficulty to the axiomatic theories of human capital and resource allocatio... view more
"Recognizing that human rationality has bounds that are unequal across individuals entails treating it as a special scarce resource, tied to individuals and used for deciding on its own uses. This causes a meta-mathematical difficulty to the axiomatic theories of human capital and resource allocation, and raises a new problem for comparative institutional analysis, allowing it to explain some so far little understood differences between markets and government. The policy implications strengthen the case against national planning, selective industrial policies, and government ownership of enterprises, but weaken the case against paternalism." (author's abstract)... view less
Keywords
rationality; resources; capital; market; economy; government; comparison; economic policy; metatheory; mathematics; institution
Classification
Economic Policy
Document language
English
Publication Year
2006
City
Freiburg
Page/Pages
39 p.
Series
Freiburger Diskussionspapiere zur Ordnungsökonomik, 06/5
Handle
https://hdl.handle.net/10419/4365
ISSN
1437-1510
Status
Published Version; reviewed
Licence
Deposit Licence - No Redistribution, No Modifications
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