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The individual and the market: Paul Samuelson on (homothetic) Santa Claus economics

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  • D.W. Hands

Abstract

Paul Samuelson often used the term “Santa Claus economics” for mathematical models with empirically unrealistic assumptions. I focus on one particular member of the Santa Claus family that Samuelson was very sceptical about: homothetic general equilibrium models (where all agents have identical homothetic preferences). I argue that Samuelson's concerns about these models provide insights into how he viewed the relationship between the individual and the market, a relationship that has implications for not only his economic theorising, but also his broader political--economic vision. His criticisms are also relevant to some ongoing debates within contemporary economic theory.

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  • D.W. Hands, 2016. "The individual and the market: Paul Samuelson on (homothetic) Santa Claus economics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 23(3), pages 425-452, June.
    • Handle: RePEc:taf:eujhet:v:23:y:2016:i:3:p:425-452
    DOI: 10.1080/09672567.2014.916731
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    Cited by:

    1. Maximilian Tallgauer & Christoph Schank, 2023. "Rethinking Economics Education for Sustainable Development: A Posthumanist Practice Approach," Sustainability, MDPI, vol. 15(11), pages 1-14, June.
    2. Stavros A. Drakopoulos, 2024. "Value Judgements, Positivism and Utility Comparisons in Economics," Journal of Business Ethics, Springer, vol. 189(3), pages 423-437, January.
    3. Drakopoulos, Stavros A., 2022. "The Conceptual Resilience of the Atomistic Individual in Mainstream Economic Rationality," MPRA Paper 112944, University Library of Munich, Germany.

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