A Nozick – Buchanan contractarian governance as solution to some Invisible Hand failures

  • R. V. Fabella
  • Published 2016

Abstract

We show how contractarian governance may restore Pareto-optimality in a class of symmetric, proportional and budget balanced decentralized production environments, which, under laissez faire, normally results in Invisible Hand failures (IHF). We formulate a governance in the spirit of Buchanan, which chooses that particular Sen tax that restores Pareto… (More)

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