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2023 | OriginalPaper | Chapter

Capitalism, Socialism, and the Neoclassical Trap

Author : Javier Gerardo Milei

Published in: The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume II

Publisher: Springer International Publishing

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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.

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Title: Capitalism, Socialism, and the Neoclassical Trap
Author: Javier Gerardo Milei
Publisher: Springer International Publishing
Book: The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto, Volume II
Print ISBN: 978-3-031-17417-9

Electronic ISBN: 978-3-031-17418-6

Copyright Year: 2023
DOI: https://doi.org/10.1007/978-3-031-17418-6_19