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Economies with rights: Efficiency and inequality

Carlos Hervés‐Beloso, Francisco Martínez‐Concha and Emma Moreno‐García

Journal of Public Economic Theory, 2024, vol. 26, issue 1

Abstract: We consider a scenario where inequality levels originate harmful effects on society. To alleviate this negative externality, we introduce tradable consumption licenses within a general equilibrium framework to obtain efficient outcomes, reduce inequality, and improve social welfare. This mechanism would be easily implementable with the necessary support of the law.

Date: 2024
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https://doi.org/10.1111/jpet.12676

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