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https://hdl.handle.net/10419/4365

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Markets vs. government when rationality is unequally bounded: some consequences of cognitive inequalities for theory and policy

[working paper]

Pelikan, Pavel

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

Data providerThis metadata entry was indexed by the Special Subject Collection Social Sciences, USB Cologne


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© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.