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The Effectiveness of Distributive Policy in a Competitive Economy

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  • Jean Mercier Ythier

Abstract

I consider an abstract social system made of individual owners endowed with nonpaternalistic interdependent preferences, who interact by means of individual gifts and by exchanges on competitive markets. The existence of equilibrium is established. I identify the set of allocations that are decentralizable in the sense that they are general equilibria for some vectors of market prices and initial endowments. This set is characterized in a simple way from the social endowment and individual market and distributive preferences. Decentralizable allocations are all accessible to distributive policy, unless public transfers are confined to some neighborhood of 0. In the latter case, distributive policy remains free to perform local redistributions of wealth across the components of the graph of equilibrium gifts.

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  • Jean Mercier Ythier, 2000. "The Effectiveness of Distributive Policy in a Competitive Economy," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 2(1), pages 43-69, January.
    • Handle: RePEc:bla:jpbect:v:2:y:2000:i:1:p:43-69
    DOI: 10.1111/1097-3923.00029
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    Cited by:

    1. Jean Mercier Y Thier, 2004. "Regular Distributive Social Systems," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 6(1), pages 109-143, February.
    2. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, January.
    3. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.

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