Re: Nobel Prize Winners in Econ.

["Abu Rizvi" <srizvi@xxxxxxxxxxxxx>]

Date:          Sat, 15 Oct 1994 22:37:54 -0600
Reply-to:      pkt@xxxxxxxxxxxxxxxx
From:          Herbert Gintis <gintis@xxxxxxxxxxxxxxx>
To:            Multiple recipients of list <pkt@xxxxxxxxxxxxxxxx>
Subject:       Re: Nobel Prize Winners in Econ.


	It undermines the notion that competition creates
pareto-optimal outcomes, that power can't exist in competitive
equilibrium, that allocation and distribution are separate, that labor
markets clear, that capital markets clear, that consumer goods markets
clear, that power is absent from international trade....and so on.

Herb, if you have time to reply:  Why can't these notions be
undermined by simply looking at the assumptions
under which these notions are obtained?  For example, the literature
on incomplete information, incomplete markets, etc., did this.  Why
must game theory be employed here?