Prices vs. Quantities

  title={Prices vs. Quantities},
  author={Martin Weitzman},
  journal={The Review of Economic Studies},
  • M. Weitzman
  • Published 1 October 1974
  • Economics
  • The Review of Economic Studies
The setting for the problem under consideration is a large economic organization or system which in some cases is best thought of as the entire economy. Within this large economic organization resources are allocated by some combination of commands and prices (the exact mixture is inessential) or even by some other unspecified mechanism. The following question arises. For one particular isolated economic variable that needs to be regulated,3 what is the best way to implement control for the… 
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