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Contrast the predictions of the public interest and economic theories regarding redistributive policies

Contrast the predictions of the public interest and economic theories regarding redistributive policies

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Answer #1

What is the redistributive policy?

A policy whereby funds are collected from one group and are used in the benefits of the others.

Aim - to eliminate inequality.

Example - Food stamp, progressive taxation.

Criticism of redistributing policies by-

Public choice theory

Public choice theory states redistributed policies are politically motivated and favour people those who have a major influence on government and not those who are actually needy.

Economist Marxian

He argues that social democratic reform like

-high taxes on profits and wealth.

-unemployment benefits

Are reducing the efficiency of capitalist system by reducing incentives for capitalists to invest further production.

According to him the redistributive policies cannot entirely solve the problem of capitalism.

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