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 originale | English |
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pagine (da-a) | 43-69 |
Numero di pagine | 27 |
Rivista | Journal of Comparative Economics |
Stato di pubblicazione | Pubblicato - 1993 |
Keywords
- general equilibrium
- instability
- labor management