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Journal Title: QUADERNI DI ECONOMIA DEL LAVORO 
Author/s: Carlo Beretta 
Year:  2016 Issue: 106 Language: Italian 
Pages:  19 Pg. 101-119 FullText PDF:  793 KB
DOI:  10.3280/QUA2016-106006
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It is argued that the attempts to derive policy prescriptions from current models of perfectly competitive economies overvalue unjustifiably their power and ignore their limits. Impersonality and anonymity often are inconsistent with Pareto efficiency if agents behave rationally, at least at the individual level. Personalized, potentially durable relationships together with societies, endowed with appropriate social rules can reach cooperative solutions that can be supported as non-cooperative Nash equilibriums. The effects expected from the recent drive for structural reforms are therefore very doubtful.

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Carlo Beretta, in "QUADERNI DI ECONOMIA DEL LAVORO" 106/2016, pp. 101-119, DOI:10.3280/QUA2016-106006

   

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