Capitalism Needs Risk‐, not Profit‐Sharing
分析了一般风险分享系统，指出利润分享只是其特例，且一般系统更高效，因为它能排除企业内生风险（如道德风险），并允许将企业家风险回报从工人分享中剔除，从而与熊彼特式动态市场经济兼容。
SUMMARY The analysis of general risk‐sharing systems shows that profit‐sharing represents a special case of the more general systems. General risk‐sharing systems are more efficient than profit‐sharing systems in that they permit contracting parties to exclude or treat differently certain types of risk, especially those which are endogenous to the firm and its management and therefore subject to moral hazard. Most important, general risk‐sharing systems make it possible to exclude the returns from entrepreneurial risk‐taking from share arrangements with workers. This feature makes general risk‐taking consistent with the efficient operation of dynamic SCHUMPETERian market economies. Risk‐sharing systems can also be used to increase the efficiency of contracts between parties other than employers and employees and they are most likely to raise welfare when one of the contracting parties is the government.