Shortage, Shortage, Who's Got the Shortage?

Robert Goldfarb ()

The Journal of Economic Education, 2013, vol. 44, issue 3, 277-297

Abstract: Shortages, while rare, do appear in the United States. Under what circumstances might this happen? Which alleged shortages are “true” economic shortages? When do true shortages emerge in a market economy? What does this tell us about how market economies work? Six types or categories of “true” economic shortages and one category of alleged shortages are identified in this article. Examples include shortages of Christmas toys, flu vaccines, nurses, concert and sporting event tickets, airline seats, parking spaces, and blood supply. Do a few fundamental underlying causes link the six categories? Questions for class discussion are included throughout.

Date: 2013
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DOI: 10.1080/00220485.2013.795461

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