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Three Aspects Of Corruption

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  • FRANCIS T. LUI

Abstract

This paper examines corruption from three perspectives—market imperfections, illegality, and investment in socially unproductive human capital. It argues that corruption is an optimal response to market distortions and may improve allocative efficiency. The paper discusses possible market structures that induce illegal, corrupt activities and identifies some principles for deterring corruption. To acquire more corruption opportunities, an individual must invest in some form of human capital. The paper also addresses the implications of corruption for economic growth and reform.

Suggested Citation

  • Francis T. Lui, 1996. "Three Aspects Of Corruption," Contemporary Economic Policy, Western Economic Association International, vol. 14(3), pages 26-29, July.
  • Handle: RePEc:bla:coecpo:v:14:y:1996:i:3:p:26-29
    DOI: 10.1111/j.1465-7287.1996.tb00621.x
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    References listed on IDEAS

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    1. Lui, Francis T., 1986. "A dynamic model of corruption deterrence," Journal of Public Economics, Elsevier, vol. 31(2), pages 215-236, November.
    2. Lui, Francis T, 1985. "An Equilibrium Queuing Model of Bribery," Journal of Political Economy, University of Chicago Press, vol. 93(4), pages 760-781, August.
    3. Paolo Mauro, 1995. "Corruption and Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(3), pages 681-712.
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