The Capitalist Corporation and the Socialist Firm

A Study of Comparative Efficiency
  • Svetozar Pejovich
Part of the Rochester Studies in Economics and Policy Issues book series (RSEP, volume 1)


The Standard theory of production and exchange has provided fundamental insights into social problems that find their source in scarcity. It has demonstrated that, in a competitive equilibrium, the extent of exchange is consistent with the equimarginal principle. The theory has suggested testable implications for a number of world events and, most significantly, explained the efficiency characteristics of competitive markets.


Transaction Cost Social Institution Capital Good Bank Credit Liquid Asset 
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Copyright information

© University of Rochester Center for Research in Government Policy and Business 1979

Authors and Affiliations

  • Svetozar Pejovich

There are no affiliations available

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