AN ECONOMIC ANALYSIS OF STABILIZING SCHEMES
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The main purpose of this paper is to analyze the welfare implications of stabilizing consumption and production and to compare it with the already-known welfare implications of stabilizing prices. Two sets of assumptions regarding supply behavior will be considered: (1) supply reacts instantaneously to a change in market prices, (2) producers react to changes in expected prices and expectations are "rational" within the context developed by J.F. Muth.