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Learning the Wealth of Nations
Buera, Francisco J. - 2008
We study the evolution of market-oriented policies over time and across countries. We consider a model in which own and neighbors' past experiences influence policy choices, through their effect on policymakers' beliefs. We estimate the model using a large panel of countries. We find that there...
Persistent link: https://www.econbiz.de/10012464054
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Can Market and Voting Institutions Generate Optimal Intergenerational Risk Sharing?
Rangel, Antonio - 1999
theory, could be corrected by government intervention. However, as long as government policy is determined by voting …
Persistent link: https://www.econbiz.de/10012471858
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From Centrally-Planned to Market Economies : The Road from CPE to PCPE
Calvo, Guillermo A. - 1991
This paper deals with the early stages of transformation of centrally-planned economies (CBEs) into market economies during which expectations playa key role. It focuses on the transitional phase during which the economy is not any more a CPE but has not yet become a market economy. During this...
Persistent link: https://www.econbiz.de/10012475308
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State Versus Private Ownership
Shleifer, Andrei - 1998
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 …
Persistent link: https://www.econbiz.de/10012472146
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Pervasive Shortages Under Socialism
Shleifer, Andrei - 1991
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 …
Persistent link: https://www.econbiz.de/10012475209
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Left, Right, Left : Income, Learning and Political Dynamics
Morrow, John - 2013
The political left turn in Latin America, which lagged its transition to liberalized market economies by a decade or more, challenges conventional economic explanations of voting behavior. This paper generalizes the forward-looking voter model to a broad range of dynamic, non-concave income...
Persistent link: https://www.econbiz.de/10012459164
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Markets, Governments, and the Institutional Structure of Social Welfare Expenditures in the United States and Sweden in the 20th Century
Fishback, Price Van Meter - National Bureau of Economic Research - 2022
Social welfare spending on health, welfare, and insurance against adverse outcomes expanded a great deal in all of the developed countries during the 20th century. The institutional structure of the spending varies with respect to the extent that governments or market institutions provide the...
Persistent link: https://www.econbiz.de/10013210094
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Welfare State vs. Market Forces in a Globalization Era
Razin, Assaf - 2019
Globalization radically changes income distribution and triggers intense international tax competition. Therefore, globalization entails an extensive restructuring of the welfare state. We analyze a parsimonious model of an open economy, in its trade and finance transactions with the rest of the...
Persistent link: https://www.econbiz.de/10012480145
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Agency Problems and the Fate of Capitalism
Morck, Randall - 2010
Economics has firms maximizing value and people maximizing utility, but firms are run by people. Agency theory concerns …
Persistent link: https://www.econbiz.de/10012462167
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Repugnance as a Constraint on Markets
Roth, Alvin E. - 2006
This essay examines how repugnance sometimes constrains what transactions and markets we see. When my colleagues and I have helped design markets and allocation procedures, we have often found that distaste for certain kinds of transactions is a real constraint, every bit as real as the...
Persistent link: https://www.econbiz.de/10012465958