The Economic Institutions of Capitalism

  title={The Economic Institutions of Capitalism},
  author={Paolo Leon},
  journal={The Antitrust Bulletin},
  pages={827 - 834}
  • Paolo Leon
  • Published 1 September 1986
  • Economics
  • The Antitrust Bulletin
The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray. Part of the problem is due to Smith’s "veil of ignorance": individuals unknowingly pursue society’s interest and, as a result, have no clue as to the macroeconomic effects of their actions: witness the Keynes and Leontief multipliers, the concept of value added, fiat money, Engel’s law and technical progress, to name but a few of the macrofoundations of… 

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