Measuring the Speed of the Invisible Hand: The Macroeconomic Costs of Price Rigidity
November 1993
Article
volume 46, issue 4 pp 529-544.
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Competition is the driving force that induces private firms to cut costs, to innovate, and to adapt to changes on the (world) market. If domestic markets do not function properly, for example due to heavy cartelization, society is at a loss [...]
