Abstract
IN HIS 2001 Nobel lecture, Joseph Stiglitz attacks the paradigm on which mainstream economics is constructed along several fronts, including the separation of issues of efficiency and equity, the impossibility of involuntary unemployment, the representation of supply and demand as the whole of economic analysis, and the description and predictability of economic affairs with certainty. 1 George Akerlof, in his Nobel lecture in 2001, criticizes economics for many of the same reasons and concludes with the indictment that neoclassical economics excludes "reciprocity, fairness, identity, money illusion, loss aversion, herding, and procrastination." 2 The problem, according to Stiglitz, is that conventional economics construes the individual too narrowly; the solution lies in rethinking the first premises of conventional economics. 3
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