The magic market and the Nobel turn: a review article

K. Vela Velupillai ()
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K. Vela Velupillai: National University of Ireland

Economia Politica: Journal of Analytical and Institutional Economics, 2017, vol. 34, issue 3, No 12, 565-585

Abstract: Abstract This is a Review Article of The Nobel Factor—The Prize in Economics, Social Democracy, and The Market Turn by Avner Offer & Gabriel Söderberg. The authors make an excellent case for tempering the individual, welfare-based, market-mechanism dominated orthodox economics, buttressed by ill-conceived bracketing of a Nobel Memorial Prize in Economic Sciences, with the social democracy of political economy. A vast array of relevant literature, both technical and more-common journalistic sources, is harnessed to make their case. This reviewer believes the authors have succeeded in their aims—if with qualifications.

Keywords: The market mechanism; Social democracy; Social insurance; Welfare triangles; Consumer surplus (search for similar items in EconPapers)
JEL-codes: A13 B25 C18 C40 C60 C80 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1007/s40888-017-0072-4

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