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Old Sunday, April 16, 2006
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Default Rationing in economics

Rationing in Economics

In economics, it is often common to use the word "rationing" to refer to one of the roles that prices play in markets, while rationing (as the word is usually used) is called "non-price rationing." Using prices to ration means that those with the most money (or other assets) and who want a product the most get the largest amount, whereas non-price rationing follows other principles of distribution. Below, we discuss only the latter, dropping the "non-price" qualifier, to refer only to marketing done by an authority of some sort (often the government).

In market economics, rationing artificially restricts demand. It is done to keep price below the equilibrium (market-clearing) price determined by the process of supply and demand in an unfettered market. Thus, rationing can be complementary to price controls.

An example of rationing in the face of rising prices took place in the Netherlands, where there was rationing of gasoline in the 1973 energy crisis.
A reason for setting the price lower than would clear the market may be that there is a shortage, which would drive the market price very high. High prices, especially in the case of necessities, are unacceptable with regard to those who cannot afford them. In wartime, it is usually imperative for a government to maintain the support of this part of the population, to maintain "equality of sacrifice," especially since in most countries, the working-class and poor families contribute most of the soldiers.

Rationing using coupons is only one kind of non-price rationing. For example, scarce products can be rationed using queues. This is seen, for example, at amusement parks, where one pays a price to get in and then need not pay any price to go on the rides. Similarly, in the absence of road pricing, which is infeasible in many or most cases, access to roads is rationed in a first come, first serve queueing process, leading to congestion.
Authorities which introduce rationing often have to deal with the rationed goods being sold illegally on the black market.
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Old Sunday, June 04, 2006
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Default economics

hello mam.
well miss qurat do u happen to have experties in economics? and if yeh r u willing to help a naive man i am going to opt for economics and i dont have any back ground in it. i have started reading it from basics and have completed first year and 2nd yr economics books and now going to start 3rd and 4th year from tomorrow and then will go for the suggested readings. any better way to learn it ? or any better books to learn it specially when i am going to start from zero?
plz help me if u can
tc
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Old Sunday, June 04, 2006
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Salam sahirzzz,
It's nice to see yur interest in Economics.

Your query.....
Papere I
Well I'll suggest yu to go through K.K Dewett(Modern Economic Theory) for better understanding of theory, and P.A.Samuelson(Economics) for good study of application.and for the part of 'Islamic Economic systems', books by Maulana Taqi Usmani are the best.

Paper II
Paper II of Economics covers 'economics of Pakistan ( development since 1947). For this paper there's a good book by 'Syed Kamal Hyder & M.Syed Nasir' ( Economics of Pakistan). Along with this book yu may consult encarta and wikipedia.

i think its enough for today.



Regards
Qurat
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Last edited by Qurratulain; Sunday, June 04, 2006 at 12:35 PM.
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