The individual and the market: Paul Samuelson on (homothetic) Santa Claus economics

D. Wade Hands ()

The European Journal of the History of Economic Thought, 2016, vol. 23, issue 3, 425-452

Abstract: Paul Samuelson often used the term “Santa Claus economics” for mathematical models with empirically unrealistic assumptions. I focus on one particular member of the Santa Claus family that Samuelson was very sceptical about: homothetic general equilibrium models (where all agents have identical homothetic preferences). I argue that Samuelson's concerns about these models provide insights into how he viewed the relationship between the individual and the market, a relationship that has implications for not only his economic theorising, but also his broader political--economic vision. His criticisms are also relevant to some ongoing debates within contemporary economic theory.

Date: 2016
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DOI: 10.1080/09672567.2014.916731

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