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The Grand Experiment of Communism: Discovering the Trade-off between Equality and Efficiency

Author

Listed:
  • Etienne Farvaque

    (EQUIPPE - Economie Quantitative, Intégration, Politiques Publiques et Econométrie - Université de Lille, Sciences et Technologies - Université de Lille, Sciences Humaines et Sociales - PRES Université Lille Nord de France - Université de Lille, Droit et Santé, LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - ULCO - Université du Littoral Côte d'Opale - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Alexander Mihailov

    (UOR - University of Reading)

  • Alireza Naghavi

    (UNIBO - Alma Mater Studiorum Università di Bologna = University of Bologna)

Abstract

This paper examines how the interplay between economic incentives and social preferences transmitted by ideology plays a role in the rise and fall of communism. We introduce inequality-averse and inefficiency-averse agents and model their conflict in ideology, triggered by envy. The socioeconomic dynamics generate a pendulum-like switch from markets to a centrally planned economy abolishing private ownership, and back to restoring market incentives. The grand experiment of communism is thus characterized as leading to the discovery of a trade-off between equality and efficiency. The model also derives conditions under which the two systems converge and become stable.

Suggested Citation

  • Etienne Farvaque & Alexander Mihailov & Alireza Naghavi, 2018. "The Grand Experiment of Communism: Discovering the Trade-off between Equality and Efficiency," Post-Print hal-01794526, HAL.
    • Handle: RePEc:hal:journl:hal-01794526
    DOI: 10.1628/jite-2018-0003
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    Cited by:

    1. Davide Ticchi & Thierry Verdier & Andrea Vindigni, 2013. "Democracy, Dictatorship and the Cultural Transmission of Political Values," Carlo Alberto Notebooks 300, Collegio Carlo Alberto.
    2. Maqsood Aslam & Etienne Farvaque & Muhammad Azmat Hayat, 2022. "Correction to: One partition, many divisions? Ethnicities and education in Pakistan," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 16(2), pages 429-429, May.
    3. Josep Ferret Mas & Alexander Mihailov, 2021. "Green Quantitative Easing as Intergenerational Climate Justice: On Political Theory and Pareto Efficiency in Reversing Now Human-Caused Environmental Damage," Economics Discussion Papers em-dp2021-16, Department of Economics, University of Reading.

    More about this item

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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