Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/4365
Authors: 
Pelikan, Pavel
Year of Publication: 
2006
Series/Report no.: 
Freiburg discussion papers on constitutional economics 06/5
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 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.
Subjects: 
Rationality
meta-mathematics
institutions
markets
government
JEL: 
P51
D61
O16
A10
H10
G10
Document Type: 
Working Paper

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