The Political Temptations of Rationing by Insiders
Long waits for goods, services, and jobs to become available still exist in and to the east of Europe. This paper explores the political economy of what has made pervasive rationing an attractive way to cope with shocks in the past. The explanation advanced lies not in the creation of shortage rents for the personal profit of corrupt insiders controlling the production and distribution process. Instead, rationing with queuing is viewed as a 'populist' scheme that allows a majority to keep its wages above levels that would clear the labor market, while hiding the cost of such a policy, increased unemployment. Copyright 1996 by Kluwer Academic Publishers
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Volume (Year): 88 (1996)
Issue (Month): 1-2 (July)
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References listed on IDEAS
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- Darby, Michael R., 1976. "Price and wage controls: The first two years," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 2(1), pages 235-263, January.
- Osband, Kent, 1992. "Economic Crisis in a Shortage Economy," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 673-690, August.
- John Fender & Derek Laing, 1993. "A Macro Model of Queuing and Resale in a Transition Economy," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 35(2), pages 1-17, July.
- Andrei Shleifer & Robert Vishny, 1991.
"Pervasive Shortages Under Socialism,"
NBER Working Papers
3791, National Bureau of Economic Research, Inc.
- Kornai, Janos, 1992. "The Socialist System: The Political Economy of Communism," OUP Catalogue, Oxford University Press, number 9780198287766.
- Levy, David M, 1990. "The Bias in Centrally Planned Prices," Public Choice, Springer, vol. 67(3), pages 213-226, December.
- Polterovich, Victor, 1993. "Rationing, Queues, and Black Markets," Econometrica, Econometric Society, vol. 61(1), pages 1-28, January.
- Guillermo A. Calvo & Fabrizio Coricelli, 1993. "Output Collapse in Eastern Europe: The Role of Credit," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 32-52, March.
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