Missing Markets and Missing Prices - The Task of the Planning Ministry
Key Economic Concept:
- Markets provide information in the form of prices.
Related concepts:
- Opportunity cost
- Prices
- Information costs
- Investment
- Demand and Supply
- Markets
- Competition
Content Standards and Benchmarks (3, 7 and 8):
Standard 3: Students will understand that: Different methods can be used to allocate goods and services. People, acting individually or collectively through government, must choose which methods to use to allocate different kinds of goods and services. Benchmarks: Students will know that:- No method of distributing goods and services can satisfy all wants.
- There are different ways to distribute goods and services (by prices, command, majority rule, contests, force, first-come-first-served, sharing equally, lottery, personal characteristics, and others), and there are advantages and disadvantages to each.
- Scarcity requires the use of some distribution method, whether the method is selected explicitly or not.
- There are essential differences between a market economy, in which allocations result from individuals making decisions as buyers and sellers, and a command economy in which resources are allocated according to central authority.
- People in all economies must answer three basic questions: What goods and services will be produced? How will these goods and services be produced? Who will consume them?
- National economies vary in the extent to which they rely on government directives (central planning) and signals from private markets to allocate scarce goods, services, and productive resources.
- Comparing the benefits and costs of different allocation methods in order to choose the method that is most appropriate for some specific problem can result in more effective allocations and a more effective overall allocation system.
- Market prices are determined through the buying and selling decisions made by buyers and sellers.
- Relative price refers to the price of one good or service compared to the prices of other goods and services. Relative prices are the basic measures of the relative scarcity of products when prices are set by market forces (supply and demand).
- Scarce goods and services are allocated in a market economy through the influence of prices on production and consumption decisions.
- Changes in supply or demand cause relative prices to change; in turn, buyers and sellers adjust their purchase and sales decisions.
- Government-enforced price ceilings set below the market clearing price and government - enforced price floors set above the market clearing price distort price signals and incentives to producers and consumers. The price ceilings cause persistent shortages, while the price floors cause persistent surpluses.
Students will participate in a simulation in which their allocative task is hampered by their inability to access the information that markets provide. Then, the level of consumer satisfaction the allocators create will be measured against that generated by market. Key Points:
- The opening lesson alluded to the great imbalances of
the Soviet economy and how these imbalances were the logical
consequence of the choice made by the revolutionaries
and their successors to create a centrally directed economy
emphasizing priority sectors.
- The next four lessons will look at the components of the Soviet economy with an eye to revealing the structural weaknesses that, despite massive investment, prevented the Soviets from reaching the levels of production and of productivity achieved by western economies.
- Review: All economies, whether planned or market-based,
face choices about how to allocate resources.
- There are simply not enough resources - natural, human, or capital - to allow all wants to be met.
- This constraint results from scarcity rather than
from the type of economic structure.
- All economic systems must make choices about how to use limited resources.
- Different economic systems use different methods to decide what combination of goods and services to produce and how to direct resources to their end uses.
- Regardless of the type of system, the inescapable fact of scarcity results in many interests competing for the resources that are available.
- Market economies make decentralized decisions about
resource use; centrally directed (or command) economies
like the Soviet Union, used centralized decision making.
- In market based systems, coordination of production
and distribution is left to individual initiative.
- Suppliers of goods and services, motivated by profit, produce in response to demand by consumers.
- Suppliers of capital, natural resources, and labor offer their services, in return for income, in response to demand by producers of goods and services.
- The choice to buy or sell any resource, product,
or service involves an opportunity cost - the value
of the choice that is foregone. (Choosing is Refusing).
- Prices offer buyers and sellers information regarding the value of the resources for various uses as well as the value of the goods and services made from those resources.
- Prices let producers and sellers know when to expand or reduce supply; by comparing the cost of producing a unit to the potential revenue to be earned.
- Prices impose constraints on buyers who must pay for whatever is consumed out of their limited budgets.
- Market prices allocate resources (and goods)
to their highest valued uses - uses with values
above the opportunity costs.
- Thus Michael Jordan plays professional basketball rather than playing baseball or being a singer. Ross Perot, on the other hand, develops and leads companies rather than playing professional basketball.
- In market based systems, coordination of production
and distribution is left to individual initiative.
- The Soviet Union had almost no legal markets, and prices
and wages were set by the central planners. The economic
problem then became: In the absence of the information
that markets provide, how are the questions of production
and distribution to be answered? This was the dilemma
facing the central planning ministry of the Soviet economy.
- Major economic goals for the Soviet Union were set
by the Politburo and Gosplan.
- The goals tended, of necessity, to be very broad in nature, but clearly reflected the priorities of the leaders.
- This centrally directed goal setting (through 5
Year Plans, etc.) had some advantages, particularly
in the early years when the economy was fairly simple:
- The system had the ability to mobilize high investment levels, which lead to rapid industrial growth.
- The goal-setting process served the priorities of government leaders, who saw in rapid industrial growth the steady enhancement of military capability.
- The control mechanism for allocating resources was relatively simple.
- The system could eliminate any wasteful competition and could exploit economies of scale (the efficiencies that may result from large-scale, over small scale, production).
- Major economic goals for the Soviet Union were set
by the Politburo and Gosplan.
- In the Soviet Union, central planning attempted to take
the place of markets.
- In market economies, the buying and selling interactions of producers and consumers set prices, identify priorities in both consumer and resource markets, and generate information vital to accurate forecasting of future demand and resource availability.
- In planned economies, some one or some central agency
must
- project desired output in both the consumer and producer sectors;
- identify available resources; and
- make decisions about the allocation of those resources based on output goals in the many separate sectors of the economy.
- The implementation of economic plans in the USSR
was the responsibility of Gosplan, the central planning
agency.
- In its annual plan, Gosplan calculated theoretical inter-industry balances and tried to model the resource requirements for every product group.
- The administrative requirements of such a plan resulted
in the creation of more than 50 vertically integrated
industrial ministries that were:
- responsible for assigning production plans and allocating resources to enterprises scattered across 9 times zones in Europe and Asia; and
- by the 1980s, responsible for coordinating and directing the production of 24 million different products.
- The ministries faced the daunting task of trying
to gather information and the frustration of having
little ability to alter the Gosplan's distribution
of resources .
- Although prices were fixed by Gosplan, a retailer could get some signal that stylish women's shoes were in deficit or that four fingered gloves were in surplus and could pass this information to the ministry level in Moscow.
- However, the ministry had little hope of increasing
the supply of women's shoes because it could not
significantly affect the allocation of resources.
- Decisions about overall resource allocation were made by the Politburo.
- In the economy of the Soviet Union, production responded
to administrative instructions, not to market signals,
with predictable consequences:
- There was no reliable or efficient way to measure
consumer demand for goods and services, or consumer
satisfaction with the goods and services they were
able to acquire.
- Everything produced was distributed and (sooner or later) sold, so there was no measure to project quality, style, or changing consumer tastes.
- Highly desired goods generated long lines of waiting customers, but not higher prices; therefore, valuable resources were not systematically allocated to their highest valued uses because values of goods and of resources were not reflected in prices.
- Styles and production levels might be set at the ministry level for women's boots. In the event that women didn't like the boots and didn't buy them, the factory still produced to its target, and the boots were shipped to warehouses and stored for years.
- The ministry engaged in a great deal of negotiation
to acquire resources.
- The control that officials had over resources
led to the common practice of taking favors, or
even bribes, in return for resources.
- While officials did not own the resources, they certainly controlled them.
- In anticipation of shortages, production managers often hoarded spare parts, tools, and other resources badly needed elsewhere.
- The control that officials had over resources
led to the common practice of taking favors, or
even bribes, in return for resources.
- The system also encouraged ministers to conceal information on resource needs and production capabilities.
- The lack of good information and a feedback mechanism meant that resources were often assigned to less than their highest valued uses.
- Because the production targets were usually set
as aggregates to be implemented by local officials
and plant managers, the targets often resulted in
incentives for illogical production.
- Size rather than number became the motivator when production goals were given in weight or tonnage of production, rather than in units.
- Examples include:
- lamps with heavy lead bases to increase tonnage; and
- huge nails and extremely thick panes of glass when nail and glass production were measured by weight.
- Targets set in number of units rather than weight
resulted in very small products:
- thin nails,
- fragile glass,
- an overabundance of baby-sized clothes.
- There was no reliable or efficient way to measure
consumer demand for goods and services, or consumer
satisfaction with the goods and services they were
able to acquire.
- In addition to missing markets for goods and services,
the Soviet Union coped with missing markets in resources
like financial and physical capital and land.
- The lack of capital markets meant that all major
investment decisions were made by planners.
- Planners, who didn't face the costs of their decisions, frequently tied up resources in large scale grandiose projects.
- This left out the possibility of small scale individually financed projects - such as are a major component of successful western economies.
- Land uses and housing were determined by planners
as well.
- This led to inflexible conditions of use that
hobbled the Soviet economy:
- housing concentrated at the edges of cities;
- factories built in the countryside despite high transportation costs; and
- shoddy high rise apartment buildings that workers considered undesirable.
- This led to inflexible conditions of use that
hobbled the Soviet economy:
- The lack of capital markets meant that all major
investment decisions were made by planners.
Conclusion: As the Soviet economy became more complex, costs of information about resource values and people's desires rose astronomically. The planning problems became increasingly daunting and eventually insurmountable. No matter their size or complexity, the ministries could not hope to replace the information gathering and dissemination functions so efficiently carried out by market prices. The lack of market information on the values of goods, services, and resources in the Soviet Union, and the increasing ability of western market based economies to use and move information rapidly widened the gap in standards of living.
Activity Lesson #2
Missing Markets - The Task of the Planning Ministry
Lesson Overview: In this simulation, student "ministers" find that their ability to distribute goods and services to satisfy consumer wants and needs is severely hampered by their inability to access the information that markets provide. Students compare the level of consumer satisfaction that results from a centrally planned allocation of 2 goods to the allocation of the same goods by markets.
Economic Concept: Markets provide important information about price and consumer demand that is not available to planners who must make allocation decisions in centrally directed (command) economies.
Economics Content Standards:
Standard 3: Students will understand that: Different methods can be used to allocate goods and services. People, acting individually or collectively through government, must choose which methods to use to allocate different kinds of goods and services.Benchmarks: Students will know that:
- There are different ways to distribute goods and services (by prices, command, majority rule, contests, force, first-come-first-served, sharing equally, lottery, personal characteristics, and others), and there are advantages and disadvantages to each.
- There are essential differences between a market economy, in which allocations result from individuals making decisions as buyers and sellers, and a command economy in which resources are allocated according to central authority.
- National economies vary in the extent to which they rely on government directives (central planning) and signals from private markets to allocate scarce goods, services, and productive resources.
- Comparing the benefits and costs of different allocation methods in order to choose the method that is most appropriate for some specific problem can result in more effective allocations and a more effective overall allocation system.
Benchmarks: Students will know that:
- Scarce goods and services are allocated in a market economy through the influence of prices on production and consumption decisions.
Materials:
- Record chart for blackboard or overhead transparency
- 50-75 #2 pencils, unsharpened
- 100 assorted Halloween size candy bars
- "production chips" (colored paper clips, poker chips, etc.)
- prizes for successful store managers (large candy bar, fast food certificate, etc.)
Time required: 1-2 class periods
Assessment:
The following story appears in Meltdown (by Paul Craig Roberts and Karen LaFollette, Washington D.C.: The Cato Institute, 1990, p. 19-20):
"Although demand for boots had been falling, shoe factories concentrated on premium-maximizing [heavy woolen] boots. During the first year, the Russian Shoe Trade Association (Rosobuvtorg) imposed 10,000 extra pairs on retailers, filling warehouses and stores. The next year the same thing happened, except this time the trade association manager insisted that sellers take 38,300 more pairs of boots, on top of the 13,000 pairs that now languished in storage. So shoe sellers ended up with the boots, knowing full well that they could never sell them. At last count, retailers were buried under 200,000 pairs of boots that filled every imaginable space."
Suppose that, instead of the Russian Trade Association, Nike had made the first 10,000 pairs of women's woolen boots. Rewrite the above description to include the changes in:
- the flow of information,
- the resulting allocation and pricing decisions that Nike would have made, and
- the impact of those decisions on the consumers.
Procedures
Part 1
- Appoint 2 planning ministers and tell them that they
must decide how to use available resources to produce
2 consumer goods - pencils and candy. Show the ministers
and the class the pencils and candy and then offer the
ministers the following information:
- You have enough resources to produce 25 pencils
or 50 pieces of candy or any of the
proportionate combinations: 24p and 2c, 23p and 4c
etc. (Depending on the class, you may want to list
the combinations on the board.)
- Note well: These numbers are based on a class of about 25-28 students. Reduce the numbers for smaller classes. Numbers must be small enough that not all student wants are easily satisfied.
- You are to instruct the production managers at the pencil and candy factories how much to produce and sell and at what price to sell each item.
- Your goals are to:
- use all available resources (no idle resources), and
- keep consumers as happy as possible
- Your classmates will be the consumers in this economy, and each will have 20 rubles to spend.
- Because we are interested in how you made your decision as well as what you decided, I am going to send an observer along to listen to you make your decisions. The observer may NOT participate in your discussion in any way.
- The observer is only there for purposes of debriefing the exercise and I will pay candy for his/her time and effort.
- You have enough resources to produce 25 pencils
or 50 pieces of candy or any of the
proportionate combinations: 24p and 2c, 23p and 4c
etc. (Depending on the class, you may want to list
the combinations on the board.)
- Appoint an observer who can be counted on to pay attention while staying in the background. Instruct the observer to take notes so that he/she can tell us later how the ministers made their decision, what problems they faced, etc.
- Send the ministers and the observer out in the hall. Tell them they will have only 2-3 minutes to make their decisions.
- While the ministers are deliberating, choose 2 factory managers. Set them up at the front of the room in front of black board signs for "Candy" and "Pencils."
- Distribute 20 ruble cards to the rest of the class.
Tell them that the cards work like debit cards and the
amount they spend will be marked off at the store.
- They are free to buy pencils and/or candy or to not spend their money at all. If they have the money, they may purchase as many items as they wish.
- Explain to the class that as high school students,
they will soon be taking a test to determine whether
or not they will be admitted to the elite State University.
- Remind them that admission to the university is literally the difference between a life of some comfort and a life of poverty.
- Also tell them that to get into the examination room, each student must have at least one new, unsharpened, number 2 pencil. They may want to keep this in mind as they make their purchases.
- Call the ministers back into the room. When they tell
you the production amounts, distribute candy and pencils
to the factory managers, but do not let them announce
the production amounts.
- Post the prices of candy and pencils on the blackboard and distribute the correct number of pencils and candy to the factory managers.
- Tell the planning ministers that they may stand
in the doorway if they would like to, but they may
not interact with the consumers.
- (If your classroom door has a window, close the door and let the ministers observe - if they want to - through the glass.)
- Conduct a 2-3 minute selling round in which students
can come to the pencil or candy managers and purchase
goods at the posted price.
(Call time to end the trading session before consumers buy a good other than their first choice just because the factory is out of their first choice and they can't buy it.)- Call time and halt the transactions whether or not all the pencils and candy have been sold.
- Record the numbers of pencils and candy sold.
- Record the number of citizens who are dissatisfied because they couldn't buy what they wanted to.
- Collect any remaining pencils and candy from the 2 factory managers.
- Instruct the ministers that in planning for the second
round, they may change the allocation of pencils and candy
if they wish, but that their superiors have decided to
hold prices constant to promote stability in the economy.
- Send the ministers and the observer into the hall to make their decisions.
- Distribute another 20 rubles to the class.
- Announce that congratulations are in order. Everyone passed the university exams!
- The polite thing to do would be to have a party for all your friends and relatives to thank them for their support. You'll need lots of candy for your guests, of course.
- Recall the ministers of planning and have them deliver
their allocation information.
- Provide the required number of pencils and candy to the factory managers. (Do not announce the numbers.)
- Remind students of the prices of pencils and candy.
- Conduct the second selling round as you did the first.
- Call time and record the sales.
- Count and record the number of unhappy consumers.
- Collect any remaining "goods."
- End this portion of the simulation. (To keep down
the cost of running the simulation, you may want to collect
all the pencils to use with another class.)
Debrief:
- How did the ministers of planning make their decisions
about the allocation of resources and the prices of
the products?
- Ask the ministers and the observer to report.
- Did their allocation decision change over the rounds
of the activity?
- Why or why not?
- Ask the class how satisfied they were as consumers.
- Did they get all of the pencils and candy that they wanted to buy?
- Did the desire, or demand, for pencils and candy
change during the rounds?
- Is this realistic?
- Do the desires of consumers change from week to week in real life?
- Were the planning ministers able to get information about these changes?
- What were some problems created by having central planners do the allocating and pricing of goods?
- Do you think that having ministers of planning decide
on allocation and prices of pencils and candy was
a good way to make decisions?
- Why or why not?
Note: In some instances, students may have resorted to secondary sales or even bribery to get pencils and candy. This is OK and should be discussed in the debriefing as a possible consequence of the frustrations created by the misallocation of pencils and candy by the ministers.
- How did the ministers of planning make their decisions
about the allocation of resources and the prices of
the products?
- At this point, there are two options. The shorter option
is to complete the exercise by conducting a large group
discussion in which students draw on their own experiences
in markets. The teacher's goal is to focus student thinking
on a comparison between allocation by planners and allocation
by "unplanned" markets. Emphasize to students
- the responsiveness of markets, and
- the role of prices in providing the information makes that responsiveness possible.
Discussion Questions (or homework worksheet to be discussed the next day):
- Suppose that the sellers of pencils and candy had been in the United States. What would have been different?
- What would determine the number of pencils and pieces
of candy in each store?
- How would the store manager know that people's desires for products had changed?
- What might he or she do?
- Suppose he raises the price and people still buy pencils; what information does the manager have about people's desire for pencils?
- Would the store manager need to know why people's desires had changed?
- Suppose the store manager made a mistake and had too many pencils (like the ministers did). What would happen?
- Is the store manager better able or worse able than the planner to gather information that lets him provide the things customers want? Why? How does he get that information?
Part 2 (Optional)
- Explain to students that in the second part of the simulation
they try another way to allocate pencils and candy, and
then compare the results with the planning ministry method.
- Tell the former planning ministers that they have
inherited a store in the U.S. that sells pencils and
candy.
- (Note: Use the same 2 students because they do not have the information about why the consumer demand for pencils and candy changed. It is important in the debriefing to be able to show that they could make effective market decisions even without this knowledge.)
- The store is large and employs 4 checkout clerks. (Appoint students to take these roles.) The former owner of the store had set the price of candy at 5$ and the price of pencils at 15$.
- Tell the owners that you will give them 5 pencils, 10 pieces of candy, and 15 production chips that can be turned into the warehouse (you) for more products. (Reduce these numbers for classes smaller than 25 students.)
- Tell the store owners that you will decide how successful
they are by observing 2 criteria:
- whether consumers are upset because they have to wait in long and/or slow lines, and
- whether they have shortages or surpluses of candy and pencils.
- If their store is well run, they will be rewarded at the end of the simulation.
- Tell the former planning ministers that they have
inherited a store in the U.S. that sells pencils and
candy.
- While the owners are setting up their checkout clerks
in the front of the room, distribute 20-dollar cards to
the rest of the students.
- When the store is ready and all the consumers have their
dollars, explain that when the store is open, the owners
can come to you at any time during the round and exchange
their production chips for more products.
- Also, it is very important to let the owners know
that they can change the prices of their products
at any time during the round.
- Explain that because the selling round might be chaotic, the owners may call a "time out" to make production and pricing adjustments.
- Also, it is very important to let the owners know
that they can change the prices of their products
at any time during the round.
- Run 2 or 3 rounds.
- Give consumers a $20 card at the beginning of each round, and give the store owners 25 production chips at the beginning of each round.
- Ask consumers to keep track of the prices of their purchases on the back of their dollar cards.
- At the end of each round, record quantities purchased (and prices) by tabulating a show of hands from the consumers.
- At the beginning of one round, ask the consumers to
pretend that it's the "university situation"
from the last simulation again.
- (Don't tell the store owners what this means and don't let other students tell them. We want to see if they adjust, even though they don't know why consumers' demand changed.)
- At the beginning of another round, ask the consumers
to pretend it's the "congratulations situation"
from the last simulation.
- (Again, don't tell the store owners what this means.)
- End the simulation.
- (Don't forget to pay the clerks and observer with candy.)
Debrief:
- How did the owners of the store make their decisions
about the numbers of pieces of candy and pencils (allocation
of resources)?
- How did they know what to turn in their production chips for?
- How did the owners of the store decide what price to charge for pencils and for candy?
- Did the allocation and/or pricing decisions change over
the rounds, or even during the rounds? Give examples of
how it changed.
- Store owners - Why did you make that change?
- Was there information that the store owners could use
in their decisions that was not available in the planned
rounds?
- What was this information and where did it come from?
- Why was this information available to the store owners and not to the planners?
- Would it have helped the planners to know about
the university entrance exams and the celebration
parties?
- (yes, although they still might not have been able to adjust very quickly and/or very accurately)
- Did the store owners need the information about the
university entrance exams or the celebration parties to
make effective decisions? Why?
(no - all they had to know was that there were long lines for one or the other product. It was of no importance to them why the lines occurred.)- Refer to the blackboard and the records of sales
and prices from the 2 parts of the simulation. What
do they reveal about the importance of the feedback
loop of information in enabling producers to adjust
to consumers' demands?
- Were you, as consumers, more or less satisfied in the store phase or in the central planning phase of the simulation? Why?
Did the store owners run the store successfully - that is, did they keep lines to a minimum and have the right mix of goods on hand? (Have class decide whether store owners deserve their rewards.) - Store owners / central planners - were you more or less satisfied in the store phase or in the central planning phase? Why?
- Which method is better for making allocation and
pricing decisions? Defend your choice in terms of
benefits and costs of 2 alternatives.
- Hint: Think back to the activity we did on the "Journey of Choices." Suppose the 2 alternatives are a market system of allocation and a centrally planned system of allocation.
- List the benefits of each.
- What is the opportunity cost of choosing a centrally planned economy?
- From your experience is this simulation, who would you say bears that cost?
- Write a generalization that compares or contrasts markets and central planning systems of allocation in terms of "information" and "consumer satisfaction."
- Refer to the blackboard and the records of sales
and prices from the 2 parts of the simulation. What
do they reveal about the importance of the feedback
loop of information in enabling producers to adjust
to consumers' demands?
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Simulation Records
Planning Ministers
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Round # |
Pencil price |
#pencils sold |
#pencils left |
Candy |
# candy sold |
# candy left |
#unhappy consumers |
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Store Owners
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Round # |
Pencil price |
#pencils sold |
#pencils left |
Candy |
# candy sold |
# candy left |
#unhappy consumers |
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