Capitalism, Socialism, and the Neoclassical Trap

Javier Gerardo Milei ()
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Javier Gerardo Milei: National Deputy of Republic of Argentina

A chapter in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume II, 2023, pp 209-221 from Springer

Abstract: Abstract The entire approach of neoclassical economics focuses on proving the existence, uniqueness, and stability of the general equilibrium system and its properties concerning welfare. Ever since, the resulting topological structure shaped the construction of the theories of the firm and consumer choice, in a way that the emergence of an excess demand function was consistent with the equilibrium. Thus, whenever the observation (theoretical or practical) does not fit in the aforementioned system, it is considered a “market failure.” This, besides being an abhorrent concept, gives rise to government intervention, which ultimately fosters the advance of socialism.

Keywords: Socialism versus Capitalism; Neoclassical approach; Existence and uniqueness of equilibrium; Pareto’s optimum versus Smith; Economic growth; Invalid debate; Socialist advance (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-17418-6_19

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DOI: 10.1007/978-3-031-17418-6_19

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