Disequilibrium Analysis in Developing Economies: An Overview

Bela Balassa
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Bela Balassa: The Johns Hopkins University

Chapter Essay 2 in Change and Challenge in the World Economy, 1985, pp 24-43 from Palgrave Macmillan

Abstract: Abstract Following contributions by Haberler,1 Bhagwati and Ramaswami2 and Johnson,3 Bhagwati4 formulated a general theory of distortions in product and in factor markets. Bhagwati distinguished between ‘endogenous’ and ‘policy-imposed’ distortions, depending on whether departures from optimal resource allocation result from market imperfections or from policy actions.

Keywords: Interest Rate; Real Interest Rate; Factor Market; Welfare Cost; Minimum Wage Legislation (search for similar items in EconPapers)
Date: 1985
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-17991-6_2

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DOI: 10.1007/978-1-349-17991-6_2

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