Download Liberty, Equality and Efficiency: Apologia pro Agathotopia by J. E. Meade (auth.) PDF

April 5, 2017 | Money Monetary Policy | By admin | 0 Comments

By J. E. Meade (auth.)

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Sample text

As far as goods for immediate consumption are concerned (bread and shirts), the current market prices will measure their importance to consumers. e. at the expense of citizens in the future. Efficiency, Equality and the Ownership of Property 29 It remains only to ask whether some future citizen might not be made better off without any other being made worse off by altering the composition of today's output of capital goods. Suppose, for example, that one plough costs the same to produce as one loom and that one more plough and one less loom were produced today for future use.

Since all those who will be of working age in fifteen years time have already been born, it is possible to calculate that, whatever may now happen to the birth rate, the working force in 15 years time will be 50 per cent greater than it is now. Thus the pressure of population upon resources which is already great is bound to become much more intense in the future. Let us consider what classical economic analysis would have to say on this issue. Mauritius will be an economy in which unskilled labour is extremely plentiful and land and capital equipment are scarce.

Mauritius is a small sugar-producing island in the Indian Ocean with a high and very rapidly increasing population. It is the outstanding example of a monocrop economy with 99 per cent of its exports and 40 to 50 per cent of its national output consisting of sugar. The big sugar factories and the greater part of the best land are owned by rich estate owners, mainly persons of French origin. The sugar estates are worked by comparatively poor workers mainly of Indian origin. In 1946-7 malaria was eliminated.

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