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1

Some system-specific features of capitalism

100%
Kornai J.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 5
377-394
EN
The author previously applied the outlook and methodology he named the system paradigm to analysing the socialist system and post-socialist transition. This study takes the same approach to some general attributes of capitalism. After clarifying some concepts, the author presents examples of some system-specific features of capitalism, before addressing two of them in detail. One is the dynamism of the system. The great innovations of the last century that radically altered both the technology of production and people's daily lives were all introduced and disseminated by the capitalist system and its protagonist, the entrepreneur. Only under capitalism can the mechanism of entrepreneurship and innovation emerge, with the strong incentives and flexible capital market they require. The other immanent feature is a chronic surplus on the labour market that contrasts sharply with the chronic labour shortage prevalent under the mature socialist system. Theory and experience confirm that the faster the ongoing transformation of a capitalist economy proceeds, the greater the propensity for structural unemployment to appear. It is explained by the efficiency pay hypothesis how an employer has an incentive to pay more than a market-clearing wage, thereby introducing unemployment. Capitalism is a system that can be reformed, but attention needs paying to relations between reforms of different parts of the system. In fortunate cases they complement each other, but it is commoner to find that tackling one unfavourable tendency only allows another such tendency to increase.
2

Targeting unemployment benefits in Hungary

75%
Galasi P., Nagy G.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 5
23
EN
The authors use the 2004 income survey of the Central Statistical Office to consider targeting of two types of unemployment-related benefit: (a) unemployment insurance and retraining benefits (UBs), and (b) unemployment assistance (UA). The evidence suggests that UBs are relatively well-targeted in the sense that most of the income support goes to persons at the bottom of the income ladder, although those in deep poverty benefit less. Income-redistribution exercises performed show that removing UBs would be detrimental to the position of persons at the bottom of the income scale, resulting in a higher poverty rate, while that redistributing them in favour of members of the original bottom or two bottom income deciles would better their income position and reduce the poverty rate. The authors also looked at whether persons eligible for UA (the main means-tested benefit in Hungary) were actually benefiting from it, and whether local labour-market conditions influenced the probability of receiving UA. It was found that persons meeting the eligibility criteria (personal and household income levels) have better chances of receiving UA, while local rates of unemployment also have a positive effect on such chances.
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