A comparison between economic systems with an application to transition

• 成果类型: Article
• 署名作者: Duranton, G; Haniotis, T
• 署名单位: University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(03)00038-0
• 发表日期: 2004
• 页码: 2125-2157
• 关键词: comparative economic systems; risk-taking; TRANSITION

摘要

This paper develops a general equilibrium theory of endogenous firm and class formation under non-contractibility with heterogeneous individuals. A collectivist economy, a private-ownership 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. We then use this framework to study the political economy of transition between economic systems and provide detailed welfare results. (C) 2003 Elsevier B.V. All rights reserved.