Even when a developing country moves towards a market economy characterised by competitive prices, there are several goods like water, essential food items, infrastructure related goods and so on whose prices cannot be left to the market. When a planner fixes prices of such goods the resulting equilibrium will have to be a rationed equilibrium. This paper discusses one of the most important equilibrium concepts in a disequilibrium situation viz., Benassy equilibrium (1975a,b). This paper provides a diagrammatic frame-work to represent this concept of equilibrium using three dimensional Edgeworth box diagrams.
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Article provided by Department of Economics, Delhi School of Economics in its journal Indian Economic Review.
Volume (Year): 39 (2004) Issue (Month): 2 (July) Pages: 383-392 Download reference. The following formats are available: HTML
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