Price Ceilings and Party Privilege

Joseph Felder

Economic Inquiry, 1993, vol. 31, issue 1, 166-70

Abstract: This paper uses the consumer/producer surplus approach to provide insight into Communist Party privilege, waiting lines, black markets, and the public policy preferences of party members and others in Communist countries. At the same time, it uses those topics to teach about the price of time, price discrimination, the gains from trade, social welfare, and comparative statics. This analysis can be used by instructors of intermediate microeconomics, comparative systems, and economic development, and by those instructors of microeconomic principles who use the consumer/producer surplus approach to welfare economics. Copyright 1993 by Oxford University Press.

Date: 1993
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