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Two polar cases of dynamic stability: voluntary exchange and income redistribution

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Author Info
Haim Abraham ()
Abstract

It is known that when voluntary exchange is permitted at disequilibrium, dynamic stability may fail because of lack of liquidity. In this paper it is shown that when the economy runs out of liquidity dynamic stability can still be restored by means of a planning procedure of redistributing personal incomes. Copyright Springer-Verlag Berlin/Heidelberg 2006

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File URL: http://hdl.handle.net/10.1007/s00199-005-0608-7
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 28 (2006)
Issue (Month): 1 (05)
Pages: 213-219
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Handle: RePEc:spr:joecth:v:28:y:2006:i:1:p:213-219

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Related research
Keywords: Planning procedure; Stability; Voluntary exchange.;

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