School of Economics | Demand-constrained versus Supply-constrained Systems
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29 Jan

Posted at 00:19h in SOE by
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Prabhat Patnaik January 5, 2020 The idea is an old one, but the Hungarian economist Janos Kornai clearly conceptualized it, by drawing a distinction between a “demand-constrained system” and a “resource-constrained system”. A demand-constrained system is one where employment and output in the system are what they...