Incomplete Contracts and Production Inefficiency in a Class Economy

Kazuhiko Mikami
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Kazuhiko Mikami: School of Economics, Kwansei Gakuin University

No 16, Discussion Paper Series from School of Economics, Kwansei Gakuin University

Abstract: This paper examines whether production efficiency is attained in a capitalistic class economy where complete contracts are not available. It is shown that such an economy often fails to achieve production efficiency.

JEL-codes: L20 P10 (search for similar items in EconPapers)
Pages: 13 pages
Date: 1997-06, Revised 1997-06
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http://192.218.163.163/RePEc/pdf/kgdp16.pdf First version, 1997 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:kgu:wpaper:16

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