One of the reasons Stiglitz sees for the critical failing in the standard neoclassical model, on which market socialism was built, is its failure to consider the problems that arise from lack of perfect information and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness.
One of the reasons Stiglitz sees for the critical fa,iling in the standard neoclassical model on which market socialism was built, is its failure to consider the .problems that arise from lack of perfect information and from the costs of acquiring information He also identifies problems arising from its assumptions concerning completeness.