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What's the relationship between property rights and growth?  

2011-12-19 02:13:18|  分类: 默认分类 |  标签: |举报 |字号 订阅

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The allocation of resources which individuals prefer as citizens does not in general coincide with that at which they arrive via the market.

Endowed with political power in the form of universal suffrage, those who suffer as a consequence of private property will attempt to use this power to expropriate the riches: in the modern language, if the median voter is decisive and if the market-generated distribution of income is skewed downward, as it always is, majority equilibrium will call for a greater equality of incomes. The widespread usage of democracy as a "proxy" for guarantees of property rights in econometric studies is thus unjustifiable: democracy may promote growth but not via this partucular mechanism.
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