ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Decentralisation and Optimality

This paper touches upon some issues involving decentralisation, efficiency and the role of prices. Some of the ideas brought together here may be of interest to policy-makers interested in the role of the state in the era of 'liberalisation'. The first part of the paper deals with the Walras-Samuelson-Lange process for attaining a Pareto optimal allocation in a socialist economy. In the second part is sketched a Malinvaud-Samuelson type model of an economy evolving over a sequence of momentary equilibria and report on some results on the link between equilibrium and Pareto optimality in the long run.

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