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Persistent link: https://www.econbiz.de/10006680688
A simple macroeconomic model of a reforming socialist economy is presented with queuing in period one but market-clearing prices in period two. If queues grow longer, each household chooses to save more, not because it is 'forced' but to economize on queuing effort. For the benchmark case...
Persistent link: https://www.econbiz.de/10005522084