The Equity-Efficiency Tradeoff under Capitalism and Market Socialism
AbstractThis 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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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 17 (1991)
Issue (Month): 1 (Jan-Mar)
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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
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- 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.
- Dwight Israelseni, L., 1980. "Collectives, communes, and incentives," Journal of Comparative Economics, Elsevier, vol. 4(2), pages 99-124, June.
- Peter Murrell, 1983. "Did the theory of market socialism answer the challenge of Ludwig von Mises? A reinterpretation of the socialist controversy," History of Political Economy, Duke University Press, vol. 15(1), pages 92-105, Spring.
- 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.
- 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.
- Abram Bergson, 1967. "Market Socialism Revisited," Journal of Political Economy, University of Chicago Press, vol. 75, pages 655.
- Vaughn, Karen I, 1980. "Economic Calculation under Socialism: The Austrian Contribution," Economic Inquiry, Western Economic Association International, vol. 18(4), pages 535-54, October.
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