Abstract
Although general equilibrium in labor-managed economies can sustain the same Pareto-efficient allocations as in profit maximizing economies, the LM economy′s behavior outside equilibrium is fundamentally different. In particular, the general equilibrium in a LM economy is unstable. This is shown in a model embodying price adjustment based on quantity rationing. J. Comp. Econom., March 1993, 17(1), pp. 43-69. Università Cattolica, 20123 Milan, Italy.
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