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

corruption, which is more widespread in poor countries, reduces more the electoral appeal of capitalism than that of socialism … externality since the existence of corrupt entrepreneurs hurts good entrepreneurs by reducing the electoral appeal of capitalism …

A long-standing challenge for welfare economics is to develop welfare criteria that can be applied to allocations with …

This paper contains the chapters on welfare economics, morality, and the law from a general, forthcoming book … foundations of economic analysis, namely, the subject of welfare economics. I also describe notions of morality and fairness … welfare economics and morality. A theme of this discussion is that notions of morality have functional aspects, and that, for …

We present a new theory of pervasive shortages under socialism, based on the assumption that the planners are self … suggests that market socialism is bound to fail even without computational complexities facing the planners …

may weaken capitalism itself. In the US a decade of slow growth has increased protectionist tendencies in international … private capitalism to government-dominated economy more likely …