theory, could be corrected by government intervention. However, as long as government policy is determined by voting …

costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free … enterprise. The great economists of the 1930s and 1940s failed to see the dangers of socialism in part because they focused on … the role of prices under socialism and capitalism and ignored the enormous importance of ownership as the source of …

We present a new theory of pervasive shortages under socialism, based on the assumption that the planners are self … profit personally. The theory suggests that an increase in the official price of a good might reduce output. The theory also … suggests that market socialism is bound to fail even without computational complexities facing the planners …

Economics has firms maximizing value and people maximizing utility, but firms are run by people. Agency theory concerns …

features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese …