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Rent-Seeking and the Two-Track Price System in China

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  • Liew, Leong H

Abstract

A simple general equilibrium model is specified to analyze the impact on the Chinese economy of the introduction of a two-track price system on to a centrally-planned economy. It is shown that national income will rise as a result, together with a fall in the costs associated with rent-seeking. Some estimates of welfare gains and costs of rent-seeking are provided for seven commodities within a partial equilibrium framework. They are shown to be dependent on the price elasticities of demand and supply. The latter determine the ratio of plan to market prices and the share of plan in total output. Copyright 1993 by Kluwer Academic Publishers

Suggested Citation

  • Liew, Leong H, 1993. "Rent-Seeking and the Two-Track Price System in China," Public Choice, Springer, vol. 77(2), pages 359-375, October.
    • Handle: RePEc:kap:pubcho:v:77:y:1993:i:2:p:359-75
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    Cited by:

    1. Bhatt, Vipul & Liao, Mouhua & Zhao, Min Qiang, 2023. "Government policy and land price dynamics: A quantitative assessment of China’s factor market reforms," Regional Science and Urban Economics, Elsevier, vol. 98(C).
    2. John Bishop & Haiyong Liu, 2008. "Liberalization and rent-seeking in China’s labor market," Public Choice, Springer, vol. 135(3), pages 151-164, June.
    3. Vipul Bhatt & Mouhua Liao & Min Qiang Zhao, 2019. "Government Policy and Land Price Dynamics: A Quantitative Assessment of China's Factor Market," Working Papers 2019-07-03, Wang Yanan Institute for Studies in Economics (WISE), Xiamen University.
    4. Bennett, John & Dixon, Huw & Hu, Helen X.Y., 2013. "The transition from dual-track pricing to a market system: Winners and losers," Economic Systems, Elsevier, vol. 37(1), pages 30-44.

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