By Tomasz Marek Mickiewicz
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Extra info for Economic Transition in Central Europe and the CIS Countries (Studies in Economic Transition)
Pulled by the overgrown energy-inefficient industry – the steam engine of the planned economies – the socialist train ultimately came to the end of the line and was derailed. e. to the policy priority given to military spending. The input–output data demonstrate that civilian spending, as with civilian construction and civilian durable goods, may have been even more steel-intensive (Leontief and Duchin 1983). Nevertheless, military expenditure always played an important role. The peak of the ‘Cold War’ was during the first ten years after 1945, with intensive military effort by both the USRR and the US.
Here, we turn to the opposite case, which is also inefficient. We discuss what happens when the budget constraint is not binding, being ‘soft’, in the sense that the economic agent can reach beyond it. The question is, under what circumstances does the budget constraint cease to be effective – when it is not determining economic agent behaviour? While quantitative constraints which are more harsh than the budget line are typical for consumers, the opposite case of a ‘soft’ budget may relate to enterprises.
This corresponds to the fact that the slope of indifference curve at point D is steeper than the slope of the budget line. The first corresponds to the ratio of marginal utilities, the second to the price ratio. Thus, we have MU 2 P 2 ------------ > ------ , MU 1 P 1 or MU 2 MU 1 ------------ > -----------P2 P1 Therefore, at D, the consumer would like to buy more q2 instead of q1, given the imposed price structure. There is microeconomic disequilibrium, as she is constrained by the supply of q2, not by prices.