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 …

corruption, which is more widespread in poor countries, reduces more the electoral appeal of capitalism than that of socialism …

replied: 'Ricardo's theory of comparative advantage'. Truth, however, in Samuelson's reply refers to the fact that Ricardo …'s theory of comparative advantage is mathematically correct, not that it is empirically valid. The goal of this paper is to … output predicted by Ricardo's theory of comparative advantage. Despite all of the real-world considerations from which this …

must be a fundamental part of the development process. This paper develops an integrated theory of economics and politics …

policy changes that are precisely what macroeconomic theory of the last 30 years suggests. The three key developments that …