Equilibrium in Disequilibrium: A Diagrammatic Exposition
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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Volume (Year): 39 (2004)
Issue (Month): 2 (July)
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