Some Wider Issues



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.


Export Market Export Price Wide Issue Enterprise Economy Supply Price 
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  1. 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. 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. 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

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© Harold Lydall 1992

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