Stagflation and Shortageflation: A Comparative Approach
This paper compares inflation and unemployment in western mark et economies with the repressed inflation and persistent shortages co mmon in centrally-planned economies. Stagflation and shortageflation, the latter defined as inflation accompanied by shortages, have much in common, as is developed here using a similar theoretical structure Measures of stagflation for the western economies and shortageflati on for the eastern European socialist countries suggest a new "miser y index" that is largest for Italy and Poland and smallest for West and East Germany. Furthermore, where relative prices fail to reflect relative scarcities, queuing, gluts, and other allocative inefficienc ies can slow growth. Copyright 1987 by WWZ and Helbing & Lichtenhahn Verlag AG
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Volume (Year): 40 (1987)
Issue (Month): 2 ()
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