Chapter

Shortage and Inflation: The Phenomena

János Kornai

in The Socialist System

Published in print May 1992 | ISBN: 9780198287766
Published online November 2003 | e-ISBN: 9780191596551 | DOI: http://dx.doi.org/10.1093/0198287763.003.0011

Series: Clarendon Paperbacks

 Shortage and Inflation: The Phenomena

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Shortage is explained basically in terms of the inherent characteristics of the classical socialist system. The examination concentrates on the system's constant, lasting features, with factors influencing short‐term fluctuations in shortage phenomena covered, at most, in passing. Attention is trained on parts of the phenomena that distinguish socialism from other systems (primarily capitalism), and the focus in the analysis of production is mainly on the publicly owned sector. The different sections of the chapter are shortage phenomena and the shortage economy; the process of demand adjustment; horizontal and vertical shortage; shortage and surplus; market regimes: the buyer's and seller's market; normal shortage and normal surplus; and open, declared, and hidden inflation.

Keywords: classical socialism; demand adjustment; inflation; market regimes; shortage; socialist systems; surplus

Chapter.  14308 words.  Illustrated.

Subjects: Economic Systems

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