Premium
Markets for Efficiency and Fairness
Author(s) -
Levaćić Rosalind
Publication year - 1987
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.1987.tb01893.x
Subject(s) - bureaucracy , purchasing power , raising (metalworking) , economics , power (physics) , distribution (mathematics) , microeconomics , state (computer science) , public economics , market power , purchasing , law and economics , labour economics , political science , monopoly , law , macroeconomics , operations management , politics , engineering , computer science , mechanical engineering , mathematical analysis , physics , mathematics , algorithm , quantum mechanics
The allocation and distribution of resources by the state has failed to achieve the egalitarian ends socialists had predicted. Rosalind Levaćić, Lecturer in Economics at the Open University, outlines the advantages of the market in raising incomes and socio‐economic status. Bureaucratic allocation should be replaced by personal purchasing power underpinned by redistributive taxation.