COSTS OF CORRUPTION AND POTENTIAL REMEDIES FROM AN ECONOMIC POINT OF VIEW
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The article examines circumstances under which a corruption is harmful from an economic point of view and explores the potential instruments to decrease corruption. Even though acts of corruption are generally voluntary exchanges, they are usually not social optimal because of presence of the negative externalities. The conditions under which they would be socially optimal are extremely rare in a real life. The article identifies three anticorruption strategies: decreasing benefits of corruption, increasing costs of corruption and increasing probability of uncovering corruption. It focuses in particular on measure to equalize supply and demand or ones that decrease discretion.
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