| 单词 | price reform |
| 释义 | price reform The shift from arbitrary controlled prices towards a system in which prices reflect opportunity costs. Such a shift is a principal element in the transition from a centrally planned to a market economy. Systems of price control have typically fixed some prices too low relative to opportunity costs. This has led to excess demand, as there was too little incentive to provide such goods or to economize on their use. The two dangers of price reform are that decontrol of prices may lead to rapid inflation, and that large changes in relative prices may have adverse effects on some people's real incomes. Actual price reform programmes may therefore stop short of a total and instant abolition of controls. The merit of price reform is that it helps to lead to more efficient production, and to an end to perpetual shortages and the wastes involved in eternal queuing. |
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