Matches in SemOpenAlex for { <https://semopenalex.org/work/W3147152901> ?p ?o ?g. }
Showing items 1 to 61 of
61
with 100 items per page.
- W3147152901 abstract "Why has capitalism prevailed as an institution in promoting economic growth despite its apparent unfairness? In this paper, we argue that within a neoclassical framework, capitalism is fairer compared to collectivism due to the absence of a rationally acceptable collective solution. This is demonstrated using a dynamic game with a vote-maximizing government(G) and profit-maximizing representative firm(F). In this GF game, collectivism or cooperation between the players appears to trump capitalism at the aggregate level. Developing countries operating below the steady state may be better off cooperating as they will enjoy positive long term economic growth and profit growth once their capital stock exceeds the steady state level. But this requires them to sacrifice short term growth and possible inequity as the firm's profits grow. Developed countries operating above the steady state will find the cooperative solution attractive since both economic growth and profit growth will be positive. So, from an aggregate level, collectivism or cooperation performs better than capitalism. However, a fair imputation of cooperative or collective solutions which is rationally acceptable for all players does not exist. In every stage of development, the firm always finds it rationally unacceptable to cooperate because the profits earned by the firm under the feedback Nash equilibrium always dominate the profits under cooperation. On the other hand, the government only finds the cooperative solution to be rationally acceptable when the economy is above the steady state. Hence, collectivist cooperation between the government and the firm are not rationally acceptable for both and a fair equilibrium cannot be attained with collectivism." @default.
- W3147152901 created "2021-04-13" @default.
- W3147152901 creator A5000815398 @default.
- W3147152901 date "2008-01-01" @default.
- W3147152901 modified "2023-09-24" @default.
- W3147152901 title "Capitalism and Economic Growth: A Game-Theoretic Perspective" @default.
- W3147152901 hasPublicationYear "2008" @default.
- W3147152901 type Work @default.
- W3147152901 sameAs 3147152901 @default.
- W3147152901 citedByCount "0" @default.
- W3147152901 crossrefType "posted-content" @default.
- W3147152901 hasAuthorship W3147152901A5000815398 @default.
- W3147152901 hasConcept C162324750 @default.
- W3147152901 hasConcept C17022365 @default.
- W3147152901 hasConcept C175444787 @default.
- W3147152901 hasConcept C17744445 @default.
- W3147152901 hasConcept C181622380 @default.
- W3147152901 hasConcept C199539241 @default.
- W3147152901 hasConcept C34447519 @default.
- W3147152901 hasConcept C514928085 @default.
- W3147152901 hasConcept C74363100 @default.
- W3147152901 hasConcept C94625758 @default.
- W3147152901 hasConcept C96420161 @default.
- W3147152901 hasConceptScore W3147152901C162324750 @default.
- W3147152901 hasConceptScore W3147152901C17022365 @default.
- W3147152901 hasConceptScore W3147152901C175444787 @default.
- W3147152901 hasConceptScore W3147152901C17744445 @default.
- W3147152901 hasConceptScore W3147152901C181622380 @default.
- W3147152901 hasConceptScore W3147152901C199539241 @default.
- W3147152901 hasConceptScore W3147152901C34447519 @default.
- W3147152901 hasConceptScore W3147152901C514928085 @default.
- W3147152901 hasConceptScore W3147152901C74363100 @default.
- W3147152901 hasConceptScore W3147152901C94625758 @default.
- W3147152901 hasConceptScore W3147152901C96420161 @default.
- W3147152901 hasLocation W31471529011 @default.
- W3147152901 hasOpenAccess W3147152901 @default.
- W3147152901 hasPrimaryLocation W31471529011 @default.
- W3147152901 hasRelatedWork W1482083352 @default.
- W3147152901 hasRelatedWork W1482961483 @default.
- W3147152901 hasRelatedWork W1594968272 @default.
- W3147152901 hasRelatedWork W1998846269 @default.
- W3147152901 hasRelatedWork W2006389117 @default.
- W3147152901 hasRelatedWork W2052910192 @default.
- W3147152901 hasRelatedWork W206623263 @default.
- W3147152901 hasRelatedWork W2113157729 @default.
- W3147152901 hasRelatedWork W2121035251 @default.
- W3147152901 hasRelatedWork W2131136698 @default.
- W3147152901 hasRelatedWork W2151556650 @default.
- W3147152901 hasRelatedWork W2156654412 @default.
- W3147152901 hasRelatedWork W2157289575 @default.
- W3147152901 hasRelatedWork W2356407763 @default.
- W3147152901 hasRelatedWork W2373399630 @default.
- W3147152901 hasRelatedWork W3023466071 @default.
- W3147152901 hasRelatedWork W3093012026 @default.
- W3147152901 hasRelatedWork W3121716837 @default.
- W3147152901 hasRelatedWork W3143315616 @default.
- W3147152901 hasRelatedWork W3180894454 @default.
- W3147152901 isParatext "false" @default.
- W3147152901 isRetracted "false" @default.
- W3147152901 magId "3147152901" @default.
- W3147152901 workType "article" @default.