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Introduction to models of disequilibrium and shortage in centrally planned economies

  • Christopher Davis
  • Wojciech Charemza
Part of the International Studies in Economic Modelling book series (ISIM)

Abstract

The analysis and modelling of disequilibrium and shortage phenomena in economic systems have attracted substantial interest in recent years. Concern about the adequacy of the conceptualization of equilibrium and its dynamics has stimulated advances in the elaboration of theories and models that explain the behaviour of economies outside the conventional equilibrium state, such as fixed-price equilibrium theory and the theory of the shortage economy. Developments in econometric estimation techniques and hypothesis testing have also contributed to the intensification of quantitative research on disequilibrium issues. Finally, work on disequilibrium and shortage problems has been stimulated by the fact that since the mid-1970s most economies have functioned for prolonged periods in disequilibrium states — Keynesian unemployment in market economies and repressed inflation or chronic shortages in socialist countries — and by the demands of policy-makers for appropriate solutions to economic imbalances.

Keywords

Excess Demand Shadow Economy Shortage Model Soft Budget Constraint Soviet Economy 
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Authors and Affiliations

  • Christopher Davis
  • Wojciech Charemza

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