Computational Controversies in Disequilibrium and Shortage Modelling of Centrally Planned Economies

Wojciech Charemza ()

Journal of Economic Surveys, 1989, vol. 3, issue 4, pages 305-24

Abstract: Most disequilibrium and shortage models of centrally planned economies fall into three categories: testable excess demand (the Portes school), disequilibrium indicators, and Kornai's economics of shortage. These models have generated numerous controversies and conflicting empirical results. However, this paper argues that some disputes are not caused by the theoretical features of the models but rather by the utilization of different estimation methods that are not directly comparable. This suggests that several controversies are more apparent than real and can be resolved through the improvement of computational techniques and statistical hypothesis testing theory. Copyright 1989 by Blackwell Publishers Ltd

Date: 1989

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