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Shrinking Capitalism

Bowles, S; Carlin, W; (2020) Shrinking Capitalism. AEA Papers and Proceedings , 110 pp. 372-377. 10.1257/pandp.20201001. Green open access

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Abstract

A defining feature of capitalism is that work using privately owned capital goods under the control of an owner or manager in return for wages produces goods to be sold for profit. The domain in which this system of production works tolerably well is shrinking as the knowledge- and care-based economy expands. It is thus imperative on efficiency as well as moral grounds to develop a new paradigm for policies and institutional design. A new paradigm needs to combine a model appropriate to today’s economy with ethical values that go beyond fairness to include a broad conception of freedom.

Type: Article
Title: Shrinking Capitalism
Open access status: An open access version is available from UCL Discovery
DOI: 10.1257/pandp.20201001
Publisher version: https://doi.org/10.1257/pandp.20201001
Language: English
Additional information: © 2020 by the American Economic Association. Permission to make digital or hard copies of part or all of American Economic Association publications for personal or classroom use is granted without fee provided that copies are not distributed for profit or direct commercial advantage and that copies show this notice on the first page or initial screen of a display along with the full citation, including the name of the author. Copyrights for components of this work owned by others than AEA must be honored. Abstracting with credit is permitted. The author has the right to republish, post on servers, redistribute to lists and use any component of this work in other works. For others to do so requires prior specific permission and/or a fee. Permissions may be requested from the American Economic Association, 2014 Broadway, Suite 305, Nashville, TN 37203.”
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/10089243
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