Why is there a tendency to excess demand in consumer goods markets in planned economies? |
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Authors: | Michael Bleaney |
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Affiliation: | 1. Department of Economics, University of Nottingham, NG7 2RD, Nottingham, U.K.
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Abstract: | In recent discussion of the transition from a planned to a market economy it has been suggested that the queuing costs associated with excess demand represent a deadweight welfare loss. A simple model of the planned economy is developed and used to explain why the planners might choose to permit some degree of excess demand in spite of this deadweight loss. |
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