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Whither Socialism? (Wicksell Lectures), by Joseph E. Stiglitz
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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.
- Sales Rank: #1283525 in Books
- Published on: 1996-01-31
- Original language: English
- Number of items: 1
- Dimensions: 10.00" h x .80" w x 7.00" l, 1.01 pounds
- Binding: Paperback
- 352 pages
Review
Guiding the Eastern bloc's move to the market is the great policy problem of our day. joe Stigliz shows how economic theory, sensitively used, can inform policies toward the transition. His book will give pause to skeptics of the applicability of modern economics but also caution those inclined to apply it mechanically. For economists offering policy recommendations, whatever their ideological stripe, this book is a must.
(Barry Eichengreen, Dept of Economics, University of California)A disproportionate amount of the best in modern economics is Stiglitz's creation. This book uses it to illuminate a classic question concerning the organization of the public side of our lives. Judged in terms of both depth and reach, this elegantly written volume is never less than what we have come to expect for one of the most significant social thinkers of our time.
(Partha Dasgupta, University of Cambridge)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) About the Author
Joseph E. Stiglitz, a Fellow of the American Academy of Arts and Sciences since 1983, is University Professor at Columbia University. He won the Nobel Prize in economicscience in 2001. His recent books include Globalization and Its Discontents (2002) and The Roaring Nineties: A New History of the World's Most Prosperous Decade (2003). He is indebted to the MacArthur, Mott, and Ford Foundations for financial support.
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66 of 91 people found the following review helpful.
At the Heels of Giants
By D. W. MacKenzie
This book possesses two distinct features. First, it errs frequently. Second, it errs amateurishly. Perhaps the most important error in this book is in how it was researched. It references nothing that Lange and Hayek wrote during the Interwar Debate on Socialism. It references none of the articles that Lerner or Knight published in this debate. It references nothing by Mises, Robbins, Durbin, Dickinson, or Dobb at all. The only article from this debate that Stiglitz read was Taylor's 1929 article- the worst one from the socialist side. Stiglitz also ignores the work of interpreters of this debate. He does not reference Bergson, Heilbroner, Lavoie, Kirzner, T Hoff, Roberts, Murell... In other words, Stiglitz barely scratched the surface of what was actually written in this debate- yet HE claims that THEY did not know what they were talking about. Of course, he did do some research for this book. Stiglitz referenced 126 of his own publications.
The shoddy research of this book shows up in its arguments. Stiglitz refers to the Arrow-Debreu model in discussing the debate between Lange and Hayek. In the ADM scheme of things there is a complete set of markets where unrestricted competition among perfectly informed persons reigns. Naturally, such perfect conditions yield perfect results- on paper. Actual markets do not deliver these results so "the competitive paradigm is not robust" (p107). Of course, it makes no sense to think of the Lange-Hayek debate in terms of Arrow Debreu anyway. This debate over socialism took place mainly in the nineteen thirties. The ADM was published in 1954. Socialism also suffers from incentive problems, so Stiglitz tells us that the Lange-Lerner model of market socialism does not depict reality either. He claims that Lange did not understand the difficulties in allocating capital. In reality, Lange (1938) and Dickinson (1939)wrote explicitly about severe problems in allocating capital.
For those who have actually read and understood the writings of the old socialists, like Lange, Schumpeter, and Dickinson, and their opponents Mises, Hayek, and Robbins this debate looks quite different. All of these economists recognized problems in both systems and wrote about them explicitly. Lange is well known for admitting to the danger of the bureaucratization of economic life under socialism. Hayek stressed the problems with information under both systems, and in fact spelled out the crucial informational imperfections in markets by 1937. Mises, Hayek, Lange, and Schumpeter all thought in dynamic terms that went far beyond the models with which Stiglitz likes to play. Stiglitz tries to reduce Schumpeter's process of creative destruction to a simple (and weak) game theoretic argument. He also ignored Mises completely- this is an unforgivable error.
The main purpose of this book is to play up the importance of its authors prior writings on imperfect information. All past accomplishments on both sides of this debate get recast into a form that makes the author of this book the only one who has made a worthwhile contribution, when in reality it is the contributions of intellectual giants like Hayek, Mises, Lange, Dickinson, and Schumpeter that rise above all else. Modest scholars recognize the shoulders that they stand upon from the past. The author of this book shows little such modesty, and even less in terms of important and original advances. This book should not be taken seriously.
0 of 0 people found the following review helpful.
Information Economics
By Gregory Alan Wingo
This is perhaps Stiglitz' masterpiece since he is now devoting himself to popular works on current economic events. Written in the midst of Eastern Europe's transition out of communism, it reflects on the problems of market systems and, necessarily, on socialism. It is a profound look at the spectrum of capitalism from neo-liberalism to market socialism.
If you can remember your first economics course you will recall that it began with a set of fundamental assumptions, one of which was information is equally available to all parties in the market at no cost. However, we know that in the real world this is not the case. Marketing and arbitrage are expensive and profit making activities that focus on the asymmetry of information in the marketplace. Stiglitz has spent his professional life researching and exploring the difference between the theoretical and the factual conditions of information in the market and developed the field of information economics into a science.
This is not a mathematical text but rather like Smith and Marx before him Stiglitz has committed empirical research and synthesized an explanation of the real nature of capitalism. He critiques the failures of real world markets to achieve the efficiencies envisioned by classical and neo-liberal economists and gives credit to both Marx and Schumpeter for their realization of the importance of technological innovation in the evolution of markets. He also pays homage to the intellect of Keynes by analyzing the different roles of government intervention in the various forms of capitalism present in contemporary societies.
This is a manifesto for serious and balanced government intervention in order to ensure that markets are competitive for the benefit of both buyers and sellers. It is also an excellent work for introducing the reader to the empirical knowledge that has been generated in the field of economics since Marx. While the author provides philosophical reflections this is not the point of the book for it is actually a work of a scientist not a philosopher.
This is not an easy read but it is a worthwhile one.
15 of 20 people found the following review helpful.
Swing and a miss
By Walt Byars
This book has three purposes. The first is to bring Stiglitz's technical work in economics to a popular audience. The second is to criticize both socialism and laissez faire capitalism and explain the collapse of the Soviet Union. The third is shameless self promotion far beyond the requirements of the first purpose. 1 succeeds somewhat, 2 fails miserably, and 3 succeeds perfectly.
For the most part, Stiglitz's criticisms of market socialism are based upon the idea that all planned or market socialist schemes are based on the assumption that economies behave in classical Walrasian fashion. At times, it almost seems like he thinks market socialists want a completely "free" market, only with worker ownership! While some socialists in the calculation debate believed in classical Walrasianism, no modern socialists or existing socialist planers did. As supporters of the discredited von Mises like to point out, Oskar Lange never used the scheme he developed in the calculation debate when he became an important central planner in Poland.
Do Stiglitz's arguments have any bearing on whether socialism has inherent efficiency problems? Very questionable. Do they say anything about why actually existing socialism "failed"? Give me a break.
In terms of presenting his own innovations in economic theory, Stiglitz does a decent job that could be better. In the 1970s and 1980s, Stiglits used theories of imperfect, costly and asymmetric information, costly and incomplete contracting, and separation of ownership from control to outline a whole host of market failures that have generally been glossed over. This book would be very valuable to many people if he had merely stated the "Greenwald-Stiglitz theorem" or his credit rationing hteory in plain English and did so in some depth. However, gives bits and pieces of his theories because they are most relevant to his dead end plan of generating insights about socialism.
I notice some free marketeers here criticizing the book's focus on market failure caused by imperfect information because we can't assume that the state has better information than private agents. These people miss the point and it makes me wonder if they read the book. Stiglitz shows how the nature of information generates INCENTIVE problems. Everyone may be informed of these problems, but it would be unprofitable for private firms to correct them.
To see a better perspective than Stiglitz's on the implications of his arguments see John Roemer's article "An Anti-Hayekian Manifesto," New Left Review (May/June 1995)
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