The Opportunity Costs of Socialism
Abstract
Coincident with the 200th anniversary of Karl Marx's birth, socialism is making a comeback in American political discourse. Detailed policy proposals from self-declared socialists are gaining support in Congress and among much of the electorate. It is unclear, of course, exactly what a typical voter has in mind when he or she thinks of socialism. But economists generally agree about how to define socialism, and they have devoted enormous time and resources to studying its costs and benefits. With an eye on this broad body of literature, this report discusses socialisms historic visions and intents, its economic features, its impact on economic performance, and its relationship with recent policy proposals in the United States.
Document Details
- Document Type
- Technical Report
- Publication Date
- Oct 01, 2018
- Accession Number
- AD1133403
Entities
Organizations
- Executive Office of the President of the United States