Instability of General Equilibrium in a Labor-Managed Economy

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Abstract

Although general equilibriumin in labor-managed economies can sustain the same Pareto-efficient allocations as in profit maximizing economies, the LM economy's behavior outside equilibrium is fundamentally different. In particular, the general equilibrium in a LM economy is unstable. This is shown in a model embodying price adjustment based on quantity rationing.
Lingua originaleEnglish
pagine (da-a)43-69
Numero di pagine27
RivistaJournal of Comparative Economics
Stato di pubblicazionePubblicato - 1993

Keywords

  • general equilibrium
  • instability
  • labor management

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