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| Author: | Duranton, G. Haniotis, T. |
| Title: | A comparison between economic systems with an application to transition |
| Journal: | Journal of Public Economics
2004 : AUG, VOL. 88:9-10, p. 2125-2157 |
| Index terms: | Economic systems Comparative research Risk behaviour Transition economies |
| Language: | eng |
| Abstract: | The authors develop a general equilibrium theory of endogenous firm and class formation under non-contractibility with heterogeneous individuals. A collectivist economy, a privateownership economy, and a mixed economy are compared on the basis of identical economic fundamentals (methodological symmetry). Each economic system generates specific inefficiencies so that none dominates the others in general. The main trade-off is between the welfare loss associated with risk-taking in the private-ownership economy and the informational problems in the collectivist economy. |
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