Rationing and Allocating
Many non-economists do not understand that prices are a way of rationing. This article from
AmosWeb explains why they are:
www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=price+rationing
CyberEcononics explains rationing by coupon in the
U.S. during World War II. Here is a site that
look at rationing by coupons in the UK during World War
II:
www.woodlands-junior.kent.sch.uk/Homework/war/rationing.htm
and here is one with a more detailed look at rationing in the US:
www.ameshistoricalsociety.org/exhibits/events/rationing.htm
Government subsidized bread in Egypt has led to many
problems, as this article in The New York Times
explains:
www.nytimes.com/2008/01/17/world/africa/17bread.html
Hugh Rockoff explains price controls in this long but
informative entry in The Concise Encyclopedia of
Economics:
www.econlib.org/library/Enc/PriceControls.html
Frank Levy, who is responsible for some very clever
interactive graphs to which these pages of Alternatives and
Supplements link, here writes about the distribution of
income in the U.S. for The Concise Encyclopedia of
Economics:
www.econlib.org/library/Enc/DistributionofIncome.html
A blog at Economist.com talks about the importance of information in prices, with a lengthy quotation from
Friedrich Hayek:
www.economist.com/blogs/freeexchange/2007/04/the_power_of_prices
Maybe I should have given something from Wikipedia here
because it seems that the economics of information coming
from Hayek was a source of inspiration for Wikipedia:
reason.com/news/show/119689.html
Here
is an article that explains the Austrian point of view in
the socialist calculation debate of whether a socialist
economy could be economically efficient:
the-idea-shop.com/article/97/the-socialist-economic-calculation-debate-and-the-austrian-critique-of-central-planning
An explanation of consumer sovereignty from The Quaker
Economist:
www.quaker.org/tqe/2003/TQE067-EN-Consumer.html
What CyberEconomics calls destabilizing feedback
is often called positive feedback. Except when it is called
negative feedback. Confused? So is the The Wall Street
Journal:
blogs.wsj.com/economics/2008/02/21/negative-feedback-on-economys-negative-feedback-loops/
(I have not yet found a suitable entry here.)
These links were checked on July 5, 2008.
Copyright
Robert Schenk
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