The Shortcomings of the Classical Economic Model

Author(s):  
Sander G. Tideman
Author(s):  
Julian Le Grand ◽  
Bill New

This chapter examines arguments over government paternalism derived from considerations of individual well-being. It begins with a discussion of the classical economic model of rationality and the emergence of an alternative model during the twentieth century. It then reviews an increasing volume of evidence from behavioral economics and psychology of the so-called “reasoning failure”: the fact that individuals, in trying to achieve the end of improving their well-being, tend to make mistakes and do so in a systematic way. Four possible sources for such failure are discussed: limited technical ability, limited imagination, limited willpower, and limited objectivity. The chapter concludes by rejecting ends-related paternalism but accepting the well-being case for means-related paternalism.


2009 ◽  
Author(s):  
Frederick V. Malmstrom ◽  
David Mullin ◽  
Gary Mears

Author(s):  
Vivaldo Mendes ◽  
Diana A. Mendes
Keyword(s):  

2014 ◽  
pp. 150-160
Author(s):  
G. Lopatkin

The article discusses the features of China’s economic culture. The author traces the genesis of the economic model of the Chinese civilization and determine its potential as an alternative to the Western one. Among the characteristic properties of the Chinese model for much of the New Age one can note technological and organizational backwardness due to the restrictions imposed on the economic life of the state-bureaucratic model of the economy. The author comes to the conclusion that the Chinese model cannot act as an alternative to the Western one.


2011 ◽  
pp. 66-76 ◽  
Author(s):  
A. Bulatov

The article tries to reveal specific features of Russias participation in international capital movement in comparison with other emerging markets. Peculiarities of outflow and inflow of capital in Russia are considered as consequences of specifics of its economic model. Proposals on using international capital movement for the increase of accumulation rate in Russia are put forward.


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