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| Author: | Matsuyama, K. |
| Title: | New goods, market formations, and pitfalls of system design |
| Journal: | Journal of the Japanese and International Economies
1995 : DEC, VOL. 9:4, p. 376-402 |
| Index terms: | ECONOMIC CONDITIONS SYSTEMS DESIGN NEW PRODUCTS |
| Language: | eng |
| Abstract: | The standard practice in economic theory is to assume that all the relevant variables and all the relevant constraints are known to the policymaker or to the designer of an economic system. This often unstated assumption inadvertently creates an illusion about our ability to design an economic system and control the process of resource allocation. In this paper, a series of examples is developed to illustrate that this modeling approach has the danger of misdirecting our attention when evaluating alternative forms of an economic system. |
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