Relationship between Efficiency and Equity in the Public and Private Sectors : Its Structure and Measurement (XIth World Productivity Congress, Edinburgh, UK, on 4^<th> of October 1999)
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概要
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The public sector and public corporations do not get profit and accordingly cannot pay dividends while the corporate sector and companies earn profit and pay dividends after taxes. What is a common base for both sectors (and accordingly public corporations and companies)? The author admits that capital consumption is a common base. Then, how can this capital consumption (economic depreciation) be measured in each sector and in public and private organizations? What is the difference between the public and corporate sectors? The author advocates that the public sector must earn the amount equal to undistributed profit as capital consumption while the corporate sector must earn both undistributed profit and dividends as profit after depreciation. This machanism is justified using the Cobb-Douglas production function, the Solow Model, the Solow-Kamiryo Model, and the author's discrete model, the Kamiryo Model. Let the author assume that "efficiency" is measured by average and marginal productivity (closely related to the capital-output ratio) and also that "equity/income distribution" is measured by the relative share of labor/capital. What is the relationship between efficiency and income distribution? This problem has long been discussed by both the neo-classicals and the neo-Keynesians. The author ["Economic Accounting," 1998; JEL: 37(1), 1999] has developed a set of common structures for both national and corporate accounts. This paper intends to explore these structures further in terms of the differences and similarities between the public and corporate sectors. As a result, both efficiency and equity are characterized in the public sector. Particularly important is that the public sector is involved in optimal consumption/utility and also the level of technology and the rate of technological progress as in the private sector. The rate of change in the capital-output ratio is closely related to the rate of technological progress as in the private sector. Asset investment in the public sector is financed by taxes that correspond with undistributed profit (in the private sector). When external funds are available, these funds are used for asset investment, but this implies that efficiency is lowered under negative rate of technological progress in the public sector. How can utility of asset investment be measured in the public sector? People as in the market must evaluate utility brought out by asset investment. Utility corresponds with dividends (in the private sector), where supposed taxes paid by prople are offset by supposed dividend payout. The relative share of profit, which is closely related to the capital-output ratio, expresses the level of equity in the public sector. Thus, efficiency and equity are closely related each other in the public sector.
- 広島修道大学の論文
- 2000-03-10
広島修道大学 | 論文
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