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Albert-Ludwigs-Universität Freiburg im Breisgau >
Institut für Allgemeine Wirtschaftsforschung, Abteilung für Wirtschaftspolitik und Ordnungstheorie, Universität Freiburg >
Freiburger Diskussionspapiere zur Ordnungsökonomik, Universität Freiburg >
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http://hdl.handle.net/10419/4365
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| Title: | | Markets vs. Government when Rationality is Unequally Bounded: Some Consequences of Cognitive Inequalities for Theory and Policy  |
| Authors: | | Pelikan, Pavel |
| Issue Date: | | 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 |
| Appears in Collections: | | Freiburger Diskussionspapiere zur Ordnungsökonomik, Universität Freiburg
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