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The Equity-Efficiency Tradeoff under Capitalism and Market Socialism

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Author Info
James A. Yunker (Western Illinois University)
Abstract

This paper utilizes a simple general equilibrium tax policy model and empirical data on labor income and capital wealth distribution in the United States to examine the equity-efficiency tradeoff under capitalism and a specific variant of market socialism designated "pragmatic market socialism." Under this variant of market socialism, property return produced by a publicly owned, but commercially oriented, business enterprise sector would be distributed on the basis of labor income rather than financial capital ownership. Under arguably reasonable assumptions, the pragmatic market socialist economy would display both higher output and greater consumption equality than the equivalent capitalist economy.

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File URL: http://college.holycross.edu/eej/Volume17/V17N1P31_44.pdf
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Publisher Info
Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 17 (1991)
Issue (Month): 1 (Jan-Mar)
Pages: 31-44
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Handle: RePEc:eej:eeconj:v:17:y:1991:i:1:p:31-44

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Related research
Keywords: Capitalism; Socialism;

Find related papers by JEL classification:
P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
P17 - Economic Systems - - Capitalist Systems - - - Performance and Prospects
P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects

References listed on IDEAS
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  1. Dwight Israelseni, L., 1980. "Collectives, communes, and incentives," Journal of Comparative Economics, Elsevier, vol. 4(2), pages 99-124, June. [Downloadable!] (restricted)
  2. Ballard, Charles L & Shoven, John B & Whalley, John, 1985. "General Equilibrium Computations of the Marginal Welfare Costs of Taxes in the United States," American Economic Review, American Economic Association, vol. 75(1), pages 128-38, March. [Downloadable!] (restricted)
  3. Danziger, Sheldon & Haveman, Robert & Plotnick, Robert, 1981. "How Income Transfer Programs Affect Work, Savings, and the Income Distribution: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 19(3), pages 975-1028, September. [Downloadable!] (restricted)
  4. Browning, Edgar K & Johnson, William R, 1984. "The Trade-Off between Equality and Efficiency," Journal of Political Economy, University of Chicago Press, vol. 92(2), pages 175-203, April. [Downloadable!] (restricted)
  5. Vaughn, Karen I, 1980. "Economic Calculation under Socialism: The Austrian Contribution," Economic Inquiry, Oxford University Press, vol. 18(4), pages 535-54, October.
  6. Yunker, James A, 1974. "Capital Management under Market Socialism," Review of Social Economy, Taylor and Francis Journals, vol. 32(2), pages 196-210, October.
  7. Abram Bergson, 1967. "Market Socialism Revisited," Journal of Political Economy, University of Chicago Press, vol. 75, pages 655. [Downloadable!] (restricted)
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