Some Wider Issues
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The alternative theory of competition — ‘entrepreneurial’ competition — proposed in Chapters 3 and 4 above has many implications for economic theory and policy. In this chapter I shall discuss four areas in which the theory suggests some new lines of thought. These are: the aggregate distribution of income between wages and profits; export pricing with variable exchange rates; the role of government in an enterprise economy; and the possibility of efficient alternative economic systems.
KeywordsExport Market Export Price Wide Issue Enterprise Economy Supply Price
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- 1.The question is discussed further in my previous book A Theory of Income Distribution (Oxford University Press, 1979), Part II, which also contains some empirical data in Appendix B and some simulations in Appendix C.Google Scholar
- 2.On the disastrous economic effects of a poor educational system in Britain see Correlli Barnett, The Audit of War (Macmillan, 1986).Google Scholar
- 3.For further discussion see my Yugoslav Socialism: Theory and Practice (Oxford University Press, 1984); and Yugoslavia in Crisis (Oxford University Press, 1989).Google Scholar