Abstract
An entire generation of Europeans have lived through the unprecedented period of post-war prosperity. In the years between 1950 and 1972, growth averaged about 5% annually and unemployment stayed below 4%. Living standards surged, and world trade blossomed as never before. People came to consider as a “right” regular wage increases and to increasingly look to governments for a guarantee of the good life with a wide array of social programs (generous old-age pensions, broad medical coverage, education loans, unemployment insurance and so on).
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Footnotes
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In the Theory of Games, this view is well-established for the case of the “prisoner’s dilemma”. In the well-known two-person nonzero-sum non-cooperative game which is ubiquitous in the economy, it is shown that, contrary to the doctrines of liberal economics, the group interest is not furthered by the independent pursuit of individual interests. The “Pareto-better” joint maximum position is forcibly repelled by the players because of the dominant character of their individual strategies. The situation is still more complex if the joint maximum position is not “Pareto-improving” because a player would worsen his position by such a change. Then the bigger utility total must be shared out by a suitable international distribution to make the players better off than they would have been.
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This system enables any user with access to a suitable terminal linked to the telephone network to interrogate interconnected data bank. The tariff for the service is based not on distance but on interrogation time.
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Jacquemin, A. (1983). Industrial Policies and the Community. In: Coffey, P. (eds) Main Economic Policy Areas of the EEC. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-2130-1_2
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