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Slack, Shortage, and Discouraged Consumers in Eastern Europe: Estimates Based on Smoothing by Aggregation

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  • John P. Burkett

Abstract

As a consequence of aggregation over markets, the observed quantity may be less than the quantity demanded and less than the quantity supplied. To deal with such situations, a new technique is proposed for estimating demand and supply curves and the extent of shortage and slack. The technique is applied to the consumption goods markets of Czechoslovakia, the German Democratic Republic, Hungary, Poland, and Yugoslavia. It is found that shortage, even corrected for a discouraged consumer effect, is seldom as great as slack.

Suggested Citation

  • John P. Burkett, 1988. "Slack, Shortage, and Discouraged Consumers in Eastern Europe: Estimates Based on Smoothing by Aggregation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 55(3), pages 493-505.
    • Handle: RePEc:oup:restud:v:55:y:1988:i:3:p:493-505.
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    File URL: http://hdl.handle.net/10.2307/2297398
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    Cited by:

    1. Xiaoming Li, 1997. "Consumption demand, saving behaviour and rational expectations: an application of disequilibrium modelling to China 1952-92," Applied Economics, Taylor & Francis Journals, vol. 29(11), pages 1411-1424.
    2. Tsang, Shu-ki & Ma, Yue, 1997. "Simulating the impact of foreign capital in an open-economy macroeconomic model of China," Economic Modelling, Elsevier, vol. 14(3), pages 435-478, July.
    3. János Kornai & Collegium Budapést, 1995. "Eliminating the shortage economy: a general analysis and examination of the dévelopments in Hungary: Part," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 3(2), pages 149-168, June.

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