Browsing BI Research Centre's Series by Subject "Political Economy"
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The Inefficient Combination: Competitive Markets, Free Entry, and Democracy
(CAMP Working Paper Series;02/2021, Working paper, 2021-01-27)We show that under fairly general conditions, the combination of (i) competitive markets, (ii) free entry, and (iii) democracy is inconsistent with allocative efficiency. This fundamental impossibility result, which has ...