TY - JOUR TI - Economic Theory of the «Second Worst» T2 - Экономический журнал ВШЭ IS - Экономический журнал ВШЭ KW - bounded rationality KW - second best KW - economic coercion KW - second worst KW - inclusive economic theory KW - social welfare AB - Concepts like rational expectations, workable competition, bounded rationa­lity and the second best are often used informally to suggest that imperfectly competitive market outcomes normally are very good and that it is sometimesappropriate to restrict competition further to achieve even better results. Paul Samuelson’s optimal neoclassical analysis adds plausibility to the inference, but the presumption is profoundly misleading because real markets are bounded rational and corrupt. In Herbert Simon’s satisficing framework expanded to include vicious behavior, second bests are more plausibly interpreted as «second worsts» and comparative merit must be determined with Abram Bergson’s social welfare functions rather than by appeal to the Pareto ideal. AU - S. Rosefielde UR - https://ej.hse.ru/2015-19-1/148273613.html PY - 2015 SP - 30-44 VL - 19