Abstract
Elasticity is the oil that lubricates the market mechanism. This mechanism shows signs of seizing up. Is there direct evidence that this is due to depletion of the elasticity level in the economy?
‘It is not that the system of free private enterprise has failed, but that it has not yet been tried.’
F. D. ROOSEVELT
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References
K. J. Arrow and F. H. Hahn, General Competitive Analysis (Oliver & Boyd, 1971), especially chapter 5.
See Tim Hazledine, ‘Generalising from Case Studies: Sixty Reports of the UK Price Commission’, Queen’s University Discussion Paper 363 (October 1979). See also F. M. Scherer, Industrial Market Structure and Economic Performance, 2nd ed (Rand McNally, 1980) pp. 67–73;
and Donald A. Hay and Derek J. Morris, Industrial Economics: Theory and Evidence (Oxford University Press, 1979) chapter 5.
For the UK, see Angus Deaton, Models and Projections of Demand in Post-war Britain (Chapman & Hall, 1975).
Okun, Prices and Quantities (Brookings, 1981).
J. D. Gribbin, ‘The Post-war Revival of Competition as Industrial Policy’ (1977), Price Commission, mimeo.
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© 1984 Tim Hazledine
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Hazledine, T. (1984). An Elasticity Crisis in the Lumpy Economy. In: Full Employment without Inflation. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-17697-7_6
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DOI: https://doi.org/10.1007/978-1-349-17697-7_6
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