Information economics as mainstream economics and the limits of reform: what does the Stiglitz Report and its aftermath tell us?

Abstract

In this paper we use the Stiglitz Report of 2009/2011 as a point of departure to explore the way the development in economics theory provides a limited contribution to further reform. In so doing we provide a detailed analysis of potential underlying problems of information-theoretic economics. We note this provides an additional way to consider Thomas Palley’s concept of Gattopardo economics