Resource Allocation During the Transition to a Market Economy : Policy Implications of Supply Bottlenecks and Adjustment Costs

Policy Implications of Supply Bottlenecks and Adjustment Costs

Resource Allocation During the Transition to a Market Economy : Policy Implications of Supply Bottlenecks and Adjustment Costs
The paper discusses the case against a laissez faire approach to resource allocation and develops a model of supply bottlenecks. It argues that: (1) once budget constraints are hardened and credit markets begin to function appropriately, externalities associated with production bottlenecks and adjustment costs--other considerations... READ MORE...

Publication date: February 1993
ISBN 9781451842241
$15.00

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