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320 University European Institute. E U I WORKING Cadmus, on INSTABILITY AND INDEXATION IN A LABOUR- MANAGED ECONOMY - A GENERAL EQUILIBRIUM University QUANTITY RATIONING APPROACH Access by
it ick European Will Bartlett and Gerd Weinrich Open Author(s). Available
içit The 2020. European University Institute University of Western Ontario ©
Badia Fiesolana Department of Economics in 50016 S. Domenico di Fiesole Social Science Centre Italy London, Canada N6A 5C2 Library EUI
This paper was written while the second author was a Jean Monnet Fellow the
at the European University Institute and presented at the Fourth Inter by national Conference on the Economics of Self-Management in Liège, Belgium, July 15-17, 1985. produced version
BADIA FIESOLANA, SAN DOMENICO (FI) Digitised All rights reserved.
No part of this paper may be Repository. reproduced in any form without permission of the author. Research Institute University European Institute. Cadmus, on University Access European Open Author(s). Available The 2020. © in Library EUI the by
(C) Will Bartlett and Gerd Weinrich produced Printed in Italy in September 1985
European University Institute version Badia Fiesolana - 50016 San Domenico (FI) -
Italy Digitised Repository. Abstract
The paper presents a macroeconomic analysis of a labour- Research managed economy based upon the general equilibrium quantity ra tioning paradigm. It is shown that such an economy in which Institute firms seek to maximize value added per working hour, and households seek to maximize utility in consumption and leisure may lead to highly perverse and unstable price dynamics, as en University dogenous features of the system. An easily implemented indexa tion scheme is presented which would reverse the direction of the dynamics and guide the labour-managed economy to an effi European
cient level of activity. Institute. Cadmus, on University Access European Open Author(s). Available The 2020. © in Library EUI the by produced version Digitised © The Author(s). European University Institute. Digitised version produced by the EUI Library in 2020. Available Open Access on Cadmus, European University Institute Research Repository. Repository. 1 . Introduction
After several years of galloping inflation, the internation Research al Monetary Fund has persuaded the Yugoslav government to peg the interest rate charged to labour-managed firms in the country's
1 Institute industrial sector to one percent above the rate of inflation. In this paper we present a macrodynamic analysis of a labour-man- aged economy which illustrates, within the confines of a relatively University simple model, the significance and drawbacks of this measure.
The model applies the method of quantity rationing (see Grandmont, 1982) to the problem of a labour-managed economy in European
which firms attempt to maximize income per working hour, and householdsInstitute.
(hereafter "consumers") attempt to maximize a utility function Cadmus, with arguments consumption and leisure. The agents who, as work on University ers, manage firms, supply goods and demand labour, are of course the same agents who in another guise act as consumers and demand Access goods and supply labour; but in their various roles they react to European Open different sets of signals. This feature of the labour-managed economy enables us to provide a particularly clear analysis of Author(s). both quantity and price dynamics. Available The
This dual role of the worker-managers, as producers and at 2020. © the same time consumers, has been implicitly recognized in sever in al models of the labour-managed firms such as Sen (1966) where Library the firm attempts to directly maximize the utility of the members in consumption and leisure, and Domar (1966) where an income-per- EUI member-maximizing cooperative faces an internal labour supply the by constraint. However, on account of the partial equilibrium na ture of these analyses, the significance and implications of the
interaction of these two facets of worker behaviour have not been produced fully appreciated. version Digitised Repository. Our model, therefore, adopts an explicit general equilib rium framework, in which we allow non-Walrasian trades to be con
ducted. In section 2 we assume, in keeping with the quantity-ra Research tioning paradigm, that quantities adjust faster than prices.
This reflects the stylized fact that in the short run, in most Institute industries, firms react to changes in demand by initially adjust ing quantities (i.e. production), but adjust prices only infre quently in response to changes in demand perceived to be of a University permanent nature. In section 3 we proceed to develop the analy sis of the existence of equilibrium, and in section 4 we demon European strate its "temporary" stability, by considering a quantity tâ
tonnement mechanism. In section 5 we show that the long-run Institute. price dynamics imply that the equilibrium so established is un Cadmus, on stable. as soon as prices become free to adjust. This leads in University one case to an inflation-spiral, in another case to a deflation- Access collapse of the economy. In the sixth section it is shown how
the "simple" indexation of fixed costs (rents, or interest pay European Open ments for example) to the rate of inflation eliminates this in stability but does not, by itself, result in efficiency. Final Author(s). ly, a proposal which we refer to as "progressive rent indexation Available
is presented which will guide our labour-managed economy towards The 2020. ©
full employment and price stability. in Library EUI the by produced version Digitised 3. Repository.
2. The Model
We assume that the economy consists of one firm and one con Research sumer-worker. This is not a restriction of generality since the analysis could easily be extended to the case of having m identi Institute cal firms and n identical consumers. However, setting m = n = 1 avoids an otherwise more complicated notation and allows us to University represent the whole analysis graphically which will be very in structive . European 2.1 Firm1s Behaviour Institute. The firm produces a composite consumption good using labour Cadmus, by means of a differentiable production technology c = f (1) with on
f' > 0, f" < 0, f(0) 0 and f' (0) = °°. It has to pay a fixed University rent r for the use of other inputs the level of which is fixed Access throughout the period under consideration. For given output European price p, the firm may observe constraints on consumer goods de Open mand, c, and on labour supply, I. The firm's objective is to maximize value-added per working hour, i.e. V = /pf (1) - r//l. Author(s). Available Since p cannot be influenced by the firm, this amounts to the The
same as maximizing real value-added per hour, i.e. 2020. © in
f(1) " £ v max ------1)
1 P P Library
s . t. (i) 1 > 0 EUI
(ii) 1 < I the (iii) f (1) < c by
The solution to the program yields the firm's effective la- cLir — — s r ” “ bour demand 1 (—,0 ,1 ) and its effective goods supply c (—,c,l) = produced dr—— ^ d# r s» r f(l (—,c,l)). Denoting with 1 (—) and c (—) the firm's uncon strained transaction offers (i.e. when (ii) and (iii) of the version Digitised 4. Repository. above problem are deleted) and setting 1:= min {l,f "'(c)}, the firm's effective labour demand is evidently Research _ . Tld*.r, =, min {1 (-),1} , if Ï > f"1 (£) P P id (ï,ï> =• P Institute _ o if Ï < f_1 (-) P Figure 1 illustrates the firm's decision problem. University European Institute. Cadmus, on University Access European Open Author(s). Available The 2020. © in Library EUI the by
Figure 1 produced
The real value-added associated with the firm's uncon strained decision is obviously version Digitised Repository. Research
It is immediate to see that Institute d* dl > 0 < 0 d(-) P University
2.2 Consumer's Behaviour
The consumer receives a fixed rent income r and he can en European
gage to work a number of hours 1 for which he then receives the Institute. labour income VI, for given value-added per hour V. This means Cadmus,
that, to the consumer, V is an exogenously given datum. Possi on bly observing constraints on consumer goods supply, c, and on University
labour demand, I, the consumer then has to solve the problem: Access
max u(c,l) European Open s .t . (i) c £ 0 (ii) 0 < 1 < L Author(s). (iii) pc < VI + r Available
(iv) c < c The 2020. ©
(v) 1 < Ï in where u(c,l) = U(c, L - 1) is a utility function which is in Library creasing in c, decreasing in 1, and U is strictly quasi-con EUI cave; L denotes the upper bound of hours the consumer can phys the ically work. by
The solution to the above problem yields the consumer's g v r - - effective labour supply 1 (—, —,c,l) and his effective consump produced tion goods demand c^(—,— ,c,Ï), the latter being equal to P P t V g v r - - 2 version — 1 (—,~,c,l) + — , by the assumptions on the consumer's utility P P P P Digitised 6. Repository.
silVir V r function. If 1 ) and c ) denote the consumer's uncon- P P P P strained labour supply and goods demand (i.e. when (iv) and (v) Research in the above problem are deleted), then quasi-concavity of U im plies
r Institute c - — s V r - - . s* .V r, T rn 1 (~,-,c,l) = min {1 , 1, max {0, ____ P } V d* V r V dfc'.V r. r P and c = - 1 University P P P P P P
The consumer's decision problem is shown in Figure 2, European Institute. Cadmus, on University Access European Open Author(s). Available The 2020. © in Library EUI the by produced
Figure 2 version Digitised 7. Repository.
It will prove very useful below to work with the consumer's 2T offer curve for given —, which shows how households' labour sup- P V Research ply and consumer goods demand is varied as — is varied, i.e.
d*,V r. .
V Institute h(|)== c > 0} {(lS*'p 'p 1 ' P P
Two possible shapes of H (—) are shown in Figure 3. University European Institute. Cadmus, on University c c Access European Open Author(s). Available r r P The P 2020. © in
1 1 Library EUI the
(a) (b) by
Figure 3 produced
Assuming furthermore that u(0,0) < u(c,l) whenever c > 0 and 0 < s# V d# V 1 < L, one gets that 1 (—,0) > 0 and (-.0) > 0 whenever version Digitised 8. Repository.
- > r. This implies in particular that the slope of the offer Jr Research curve H(0) in (l,c) = (0,0) is finite (more precisely: zero). We will use this fact below. Institute University European Institute.
3. Equilibrium Cadmus, on
We look for a list of price and quantity signals which lead University
the firm and the consumer to actions which are consistent with Access each other. More precisely, this requires that the goods price European p, the rent level r, the value-added per hour V and the quantity Open constraints c and 1 are such that the corresponding effective Author(s). supplies equal the effective demands, both for the consumption Available good and for labour. This is indeed verified in a state of The 2020. equilibrium as introduced in the following definition. © in
Definition. A list (l,c,p,r,V) is an equilibrium if the follow
ing conditions hold. Library EUI
(i) 1 S " (£ , £ ) - 1 > 0 P P the by (ii) ld*(£ ) - I > 0 P
(iii) r Jr produced version Digitised 9. Repository.
r V (iv) — = max P Research (v) c = f(l)
An equilibrium is called unconstrained if conditions (i) and (ii) Institute are fulfilled with equality. Otherwise it is an equilibrium with rationing. University In an equilibrium, the quantity constraints I and c are also the quantities transacted between the firm and the consumer.
Conditions (i) and (ii) ensure that these quantities are consist European ent with the principle of voluntariness of trade. (iii) is an Institute. efficiency requirement and states that at most one market side is Cadmus, rationed. (iv) and (v) ensure the consistency of the equilibrium on
allocation. University
We next illustrate the notion of equilibrium in distinguish Access ing four different cases. European Open (1) Unconstrained equilibrium Author(s). Available The 2020. © in Library EUI the by produced version
Figure 4 Digitised 10. Repository.
In Fig. 4 (l,c) represents an unconstrained equilibrium. In- — ds* V r — — Research deed, 1 = 1 (—) = 1 Note, however, that (l^c1) is an p p'p ' equilibrium (with rationing), too. Institute (2) Equilibrium with consumer1s rationing University European Institute. Cadmus, on University Access European Open Author(s). Available The 2020. © in Library EUI the by
Figure 5 produced In this case rents and prices are such that the firm demands d# — — labour 1 = 1 and supplies goods c = c. This leads to the real
V version value-added — at which the consumer's unconstrained labour supply
S-K — ^ rj -kr — is 1 >1, and unconstrained goods demand is c > c. Digitised 11 Repository.
(3) Equilibrium with firm's rationing Research Institute University European Institute. Cadmus, on University Access European Open Figure 6
— — g^. — Author(s). In (l,c) the consumer supplies 1 = 1 and demands c = Available d$f — whereas the firm’s unconstrained labour demand is 1 > 1 and The 2020. g^l — ©
its unconstrained goods supply is c > c. Note that in con in trast to the previous case, real rents are now "too high" rela
tive to their level in the unconstrained equilibrium of case Library
(1 ) . EUI the by produced version Digitised 12. Repository.
(4) Trivial equilibrium Research Institute University European Institute. Cadmus, on University Access European Open
Figure 7 Author(s). Available
In this case the only equilibrium is the trivial equi-librium The 2020. ©
(l,c) = (0,0) . in
In each of the situations (1) - (3) there exist two non Library trivial equilibria (other than the trivial equilibrium at (0,0)), EUI namely (l,c) and (ï',c'). However, as we will show below, only the the equilibria (ï,c) are (locally) stable in the sense that they by can be obtained as limit points o f a suitable quantity tâtonne ment process. Therefore, we concentrate in the following on the
(welfare superior) equilibria (l,c). produced
From Figures 4-7 it is evident that a non-trivial equilibri version um exists if and only if
(1) H(£) n f * J3 Digitised Repository. where we have written f instead of graph (f) by a slight abuse of notation. Since H(0) n f 0 and since the slope of H(0) in Research (l,c) = (0,0) is finite as we established in the discussion of the consumer's behaviour, a continuity argument ensures the exist- r Institute ence of — > 0 such that (1) holds. More precisely, the relation P between the level of the real rent and the associated equilibri-
um employment is shown in Fig. 8, where 1 and (—) denote the University P values belonging to an unconstrained equilibrium. From this it is obvious that employment is highest if the equilibrium is un-
r r European constrained. For — > (—) on the other hand, economic activity P P
collapses and employment is zero. Institute. Cadmus, on University Access European Open Author(s). Available The 2020. © in Library EUI the by produced version
Figure 8 Digitised 14. Repository.
4. Quantity Tâtonnement Research
The equilibrium notion introduced above describes consist
ent allocations but we have not said so far how such an alloca Institute tion can actually be reached. To fill this gap, we now distin guish the signals Ï, c, p, r and V so that we keep p and r fixed
(as before) but we now start with some (any) 1 > 0 and with as University sociated c and V . If (1 ,c ,p,r,V ) is not an equilibrium, we o o o o o want to find (1^/C^V^), (l^fC^/V^), • • • * (1^ * ,^n^ ' * * * European such that (Ï ,c ,V ) arises as an economically meaningful reac- n n n Institute. tion of economic agents from the previously quoted signal (ln_^, c „,P,r,V „ ) and such that (ï ,c ,V ) -> (ï,c,V) where (l,c,p, Cadmus, n-1 n-1 n n n on r,V) is an equilibrium. In other words, we will define a quan University tity tâtonnement process which converges to some equilibrium. Access Suppose the firm receives the signal 1 k 0 as an upper European bound for contracting labour services. Its effective labour de Open mand then is Author(s). f min {1 , ld* (—) , if ld > f 1 (—) Available o p o p
,d _-1 ,r. The
0 if 1 < f (-) 2020. o p © in which gives rise to the real value-added per hour Library V 1 — = max {--- -— —— — , 0}
P , d EUI
This value is communicated to the consumer who accordingly de- the V. by 1 IT termines his unconstrained labour supply 1 (— .—). The result- P P ing new upper bound for contracting labour services then is produced , V, , . r,dK,r. .s k . 1 r. , 1. = m m {1 (-) , 1 — ,~) } 1 P P P version Replacing now 1 by 1^ and repeating the same process, a value Digitised 15. Repository.
12 is obtained, which in turn yields 1 and so on. Altogether, this defines a sequence (l ,c ,r,p,V } with c = f(l ) and n' n n n n n Research V = max {/f(ld) - - 7/ld , 0} n — n p— n
In order to illustrate the process just described, consid Institute er Figure 9. There, ld* (—) > 1 and I1 < 1 <1. Thus ld = V ? ° V 1
1Q < and hence 11 = min (ld*(^) , = University V. V S X 1 IT — q w 1 t 1 (— > 1 . On the other hand, 1. < 1 since 1 * (— ,—) < p P o 1 p 'p
r European c - — 5 ^. p 2T 1 (—f , “ ). It is thus easy to see that 1 , 1 , . . ., 1 , i p o 1 n Institute. I. Cadmus, on University Access European Open Author(s). Available The 2020. © in Library EUI the by produced version
Figure 9 Digitised 16. Repository.
V, _ 5 36 1 3T Next, if 0 < 1 < 1', then 1 (-—*.—) < 1 (-) and hence 1. < o P P P 1 1 . It follows easily that 1 -> 0. Research o n v Finally, if 1 >1, then again Is* (— ,-) < 1 (—) and hence
o P P P Institute 1. < 1 but 1. > 1. Thus in this case one has 1 -* I. 1 o 1 n In Figure 9 the offer curve H (—) was positively sloped in the point (l,c). However, a situation with a backward bending University offer curve is shown in Figure 10. There the sequence (ln) is not monotone but it oscillates around the equilibrium. However, European also in this case, {1 } is convergent. Institute. Cadmus, on University Access European Open Author(s). Available The 2020. © in Library EUI the by produced version
Figure 10 Digitised Repository. Summarizing the dynamics in the case of equilibrium with firm's rationing (Figs. 9, 10) one has that (l,c) is (locally) stable, i.e. for 1 >1', whereas (l',c') is unstable and Research o (l,c) = (0,0) is again locally stable (for 1 < 1'). The same o kind of analysis just performed shows that this result holds Institute for the other types of equilibria as well. Whenever — is such that there exists a non-trivial equilibrium, then 1 -*• 1 if University 1 >1' and 1 ■> 0 if 1 < 1'. If there exists no non-trivial o n o equilibrium, then 1 ->• 0 whatever is the value 1 . n o
Thus in order that our labour-managed economy works at European
all, its activity must be pushed to a sufficiently high level, Institute. i.e. in our model to an initiating value 1 beyond the critical Cadmus,
value I '. on University
5. Price Adjustment Access European So far our analysis has been performed as if the goods Open price p and the rent level r were exogenously fixed parameters. We described allocations consistent with the values of these Author(s). Available parameters. This led us to the notion of equilibrium (with ra The 2020. tioning) . Now, if p and r are such that they are not compati © in ble with unconstrained equilibrium, then either the firm or the consumer would like to trade in excess of what it or he (or Library she) actually transacts. But this fact is likely to induce EUI price changes. A firm that perceives a permanent excess demand the for its output is tempted to increase the price for its good, by thus increasing real value-added per hour. A lack of demand on the other hand is likely to induce the firm to reduce the price. produced
In order to embody this phenomenon in our analysis, we now version think in the following time structure. Time is divided into Digitised 18. Repository.
periods of equal length such that in each period t the goods Research price remains fixed at value p^_. For this price and a time- independent rent level r, the economy reaches an equilibrium by means of a quantity tâtonnement process as described in the Institute previous section. We assume that 1 > 1 1 so that always the stable non-trivial equilibrium occurs whenever p and r are University such that it exists. At the equilibrium, trades take place. If unconstrained demand and supply for the consumption good do
not match, then the price is revised at the end of the old or European the beginning of the new period. The revised price p ^ re Institute. mains fixed in period t+1, trades take place, and so on. In Cadmus, this way a sequence of prices and associated allocations is on
formed the properties of which can be studied. University
As to the price adjustment rule, we follow the tradi Access tional assumption that p increases whenever there is excess European Open demand and p decreases in the case of excess supply. Formally, , , , d*- s*. pt+1 = Pt + *(C - ct ) Author(s). Available
with ip : R R monotone increasing, and ip (x) ^ 0 if and The 2020. 2 ©
only if x f 0 In order to see the consequences of these as- in sumptions, we consider again Figure 8. There, for each real r — rent level — is shown the associated employment level 1. Sup- Library ^ r r %
pose now that in period t p is such that — < (—) . Then EUI P ^ P
there is excess demand for the consumption good and hence the
But then -, and since \p (. ) is increasing, by Pt+1 > Pf t+1 we get galloping inflation. On the other hand, if ~ > (£)* P t P then p^_ , „ < p. and — Again since ip (. ) is increasing, produced *t+1 *t p t+1 the real rent crosses the "collapse" level (—) in a finite num- P ber of periods and economic activity breaks down. Thus, with version Digitised 19. Repository. price adjustment, our labour-managed economy is highly unstable. This is summarized in Figure 11. Research Institute University European Institute. Cadmus, on University Access European Open Author(s). Available The 2020. © in
Figure 11 Library EUI
6. Rent Indexation the by
The result of the foregoing analysis of price adjustment is alarming, indeed. If prices are free to vary but rents are kept produced fixed, then the economy cannot escape a disastrous end. Of course, the assumption of rents remaining unchanged is unneces version sarily restrictive and in fact we will give it up now; but one should keep in mind that rent adjustment seems to arise in a far less natural way than price adjustment. The reason is that ex Digitised 20. Repository.
cess demands or supplies are easily to be observed on the goods Research market, giving a guide to price adjustment. For the rents how ever there does not necessarily exist something like "the" mar ket for rents, and even if there did, rental payments are usu Institute ally stipulated in terms of a contract, and would thus be rath er inflexible and not easy to change in the short and even me University dium term.
One can think, however, of a superior authority like the
government or, as has in fact been the case with Yugoslavia, European
the International Monetary Fund, which imposes a rent adjust Institute.
ment by way of indexing rents on the price level or, equiva Cadmus,
lently, on the inflation rate. For example, setting on University Access European
ensures r, ,./p. . = r./p. =: r for all t. However, if r / Open t+1 t+1 t t (r/p)*, where (r/p)* is the real rent belonging to an uncon strained equilibrium and hence maximal employment and welfare, Author(s). Available then this "simple rent indexation" prevents the economy from
achieving its efficient level of operation. In order to avoid The 2020. ©
this, a "progressive rent indexation" to be explained below has in to be implemented. Library Denote with EUI the by
the inflation rate in period t. Then we set
(2) rt := ) r produced <}> (it t-1
where
= 1 if = 0 1t > 1 + it , if > 0 1t Research + V
-p if < 0 Lt For example consider r and p such that (r /p ) <
L. I l— ” I L “ I L. I Institute (r/p) . Then > Pt_^ and hence i > 0. Furthermore,
—t > ---- 11 + —------V ^ - l t~1 University 5t-1
Hence the too low real rent (r , / p . .) becomes increased in t-1 t-1 European spite of the fact that p is bigger than p . As an example, t t — 1 consider Institute. Cadmus,
For a > 1 rent indexation is "progressive" whereas for a = 1 University it is "simple". For a = 0 there is no rent adjustment at all. Access
Finally consider European Open
(3) rt = it + c Author(s). where c is some positive constant. This is the IMF inspired Available
scheme referred to in the introduction. (Evidently it is not The 2020. © of the shape suggested by (2)). The IMF scheme is intended to in increase the rent level if the price level is too high and, as
a consequence, the level of real rent is too low. Though this Library
intention is fulfilled in a first shot sense, it is easy to see EUI
that this initial effect is soon reversed and that the under the by lying instability of the system will reemerge. Indeed, rewrite (3) as
1 - Pt-1 produced t = Pt + c D+ t t-1 version Digitised 22. Repository.
If prices are steadily increasing, it is clear that both terms on the right-hand side must fall, and hence the same holds for Research 2T t. Thus, since in the case for which the IMF scheme is designed Institute the real rent level is smaller than the value associated University with unconstrained equilibrium, the real rents diverge from ^rj instead of approaching it. Thus the IMF scheme fails to European lead the economy to the efficient level of operation. Institute. Cadmus, on University Conclusion Access
In this paper we have considered a simple macroeconomic European Open model of a labour-managed economy basing our approach on the general equilibrium quantity rationing paradigm. Most previ Author(s). ous analysis of labour-managed systems have been based upon a Available
partial equilibrium methodology (with some notable ex- The 2020. 3 ©
ceptions), and, although some of those studies have touched in on the issues addressed in this paper, it has required a gen
eral equilibrium framework to tease out the full implications Library
of the systemic features of labour-management for such macro- EUI
economic variables as inflation and employment. the by Using this approach we have been able to demonstrate the existence of various types of temporary equilibria with ra
tioning. Those, for example, where firms are rationed in produced their ability to hire as much labour as they would wish
since, in the fix-price short run, real rents are "too high", version and, being distributed as income, reduce the incentive for workers, as members of households, to supply the labour Digitised 23. Repository. which, as enterprise managers, they seek to engage. In another case, real rents are too low with consequent rationing of con Research sumers, rather than firms, for analogous reasons. Once a short- run equilibrium is established firms are then free to consider the divergence of their actual transactions with notional market Institute supplies and demands and adjust prices accordingly in prepara tion for the next period's quantity tâtonnement under the newly University established prices. The resulting price dynamics are shown to be perverse and highly unstable, giving rise to either infla
tion, a persistent reduction in real rents and in employment, or European conversely in deflation, and a persistent increase in real rents Institute. which threatens economic collapse. Cadmus,
However, by adopting a suitable "progressive rent indexa on University tion" scheme, these perverse price dynamics can be turned around
so as to guide the economy to its full employment equilibrium Access and eliminate both inflationary and deflationary tendencies. European Open Finally, we have shown that the particular indexation scheme suggested by the IMF for Yugoslavia is unable to achieve Author(s). these effects and would therefore recuire a modification; for Available example along the lines that we have suggested in this paper. The 2020. © in Library EUI the by produced version Digitised © The Author(s). European University Institute. Digitised version produced by the EUI Library in 2020. Available Open Access on Cadmus, European University Institute Research Repository. Repository. Footnotes
1. Currently (1st quarter, 1985) around 60%. For more details Research of the Yugoslav stabilization programme see OECD (1984) . Institute o TvT -i- , , . . , d* s*-, , . d* - . , s* - , , 2. Note that ^ (c^ - cfc ) = i|>{ (c “ ct ) “ (c “ c )} and that by the short-sided rule implicit in the definition of equi librium at least one of the terms (c^* - c^) and (c^* - c^_) University is zero. Thus it is always clear to firms whether they should raise or lower the price. European
3. See e.g. Dreze (1976, 1983), and also Vanek (1970). Institute. Cadmus, on University Access European Open Author(s). Available The 2020. © in Library EUI the by produced version Digitised © The Author(s). European University Institute. Digitised version produced by the EUI Library in 2020. Available Open Access on Cadmus, European University Institute Research Repository. Repository. References
Domar, E. (1966) The Soviet collective farm as a producer coop Research erative, American Economic Review, 56, 4, 737-757.
Drèze, J.H. (1975) Existence of an exchange equilibrium under Institute price rigidities, International Economic Review, 16, 301- 320. University Drèze, J.H. (1976) Some theory of labour management and partic ipation, Econometrica, 44, 6,
Drèz:e, J.H. (1983) Labour Management and Labour Contracts. A European
General Equilibrium Approach, Irjô Jahnsson Lectures, Institute. forthcoming. Cadmus,
Grandmont, J.M. (1982) Temporary general equilibrium theory, on University in: K.J. Arrow and M.D. Intriligator (eds.), Handbook of
Mathematical Economics, Amsterdam, North-Holland. Access European OECD (1934) OECD Economic Surveys - Yugoslavia, Paris, Organi Open zation for Economic Cooperation and Development. Author(s). Sen, A.K. (1966) Labour allocation in a cooperative enterprise, Available
Review of Economic Studies, 33, 361-371. The 2020. ©
Vanek, J. (1970) General Theory of Labour-Managed Market Economies,in Cornell University Press, Ithaca. Library EUI the by produced version Digitised © The Author(s). European University Institute. Digitised version produced by the EUI Library in 2020. Available Open Access on Cadmus, European University Institute Research Repository. WORKING PAPERS ECONOMICS DEPARTMENT Repository.
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