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Rationing In Centrally Planned Economies (Classic Reprint) (Cód: 10114654)

Rotemberg,Julio J

Forgotten Books

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Descrição

Excerpt from Rationing in Centrally Planned Economies One of the principal differences between centrally planned and more market oriented economies is that rationing is endemic in the former. These shortages in goods and labor markets have been documented by a wide range of observers including Kormai Wilczynski (1982) and Walker Interestingly such shortages are also common when more market oriented economies go through periods of price controls (rockoff This paper attempts to explain the apparently peculiar tendency of governments to generate rationing whenever they have control over prices. The basic premise in the paper is that prices must be set in relative ignorance: the state of demand is unknown when prices at which transactions take place are set. That this premise leads to equilibrium rationing is not surprising given that rationing is endemic in the disequilibrium literature which is driven by the assumption that prices are set in advance (see, for example, Barro and Grossman What still needs to be explained is why prices chosen by central planners make rationing more common than under decentralized price setting. I show that this difference is an almost necessary consequence of assuming that the planner seeks to achieve an efficient allocation of resources. When planners and price setting firms are put on equal footing in terms of the information they have when prices are set, benign planners rationally accept more frequent rationing in return for lower prices. Before reviewing this explanation in detail, it is worth considering some of the alternative explanations for rationing in centrally planned economies. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Características

Produto sob encomenda Sim
Marca Forgotten Books
Cód. Barras 9781332278022
Altura 22.91 cm
I.S.B.N. 1332278027
Profundidade 0.25 cm
Referência 9781332278022
Acabamento Brochura
Ano da edição 2018
Idioma Inglês
País de Origem Estados Unidos
Número de Páginas 48
Peso 0.08 Kg
Largura 15.19 cm
AutorRotemberg,Julio J