 Facts and figures about UK taxes, benefits and public spending.
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Analysis of the fiscal choices an independent Scotland would face.
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A peer-reviewed quarterly journal publishing articles by academics and practitioners.
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Type: Journal Articles Authors: Richard Blundell, Rachel Griffith and John Van Reenen
Volume, issue, pages: Vol. 11, No. 2
Every economics student learns that the free market is more efficient than monopoly or oligopoly. Too little competition leads to higher prices for consumers and greater profits for the monopolist or oligopolist. This analysis concentrates on the static question of resource allocation. Joseph Schumpeter (1942) was the first to point out that we should also consider gains in dynamic efficiency. He argued that the strength of capitalism was the continuous invention of new products and processes. The cycle of creative destruction caused bad firms go under and replaced old products with newer and better ones. This enables output and consumption to grow perpetually - increasing the wealth for all.
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