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Economic Lessons from the Transition: The Basic Theory Re-examined - The Basic Theory Re-examined (Paperback, New)
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Economic Lessons from the Transition: The Basic Theory Re-examined - The Basic Theory Re-examined (Paperback, New)
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Economic Lessons from the Transition focuses on major transitions
in the 1990s: the transition from central planning and communism to
market capitalism and the global integration of national financial
systems. The transitions were supposed to raise most peoples'
standard of living; instead they dramatically worsened the lives of
most people in the countries involved. While most attempts to
explain this failure focus on policies, the authors of this book
argue that failure of economic theory to fully understand these
transitions has led to bad policies that made the transitions
unnecessarily painful and costly. The book suggests answers to the
following questions: How should basic economic theory as taught in
introductory economics courses be revised in light of the failure
of market-oriented economics to effect a successful transition in
so many former communist economies? Could the theory be revised and
presented in a different manner? How can basic economic theory be
used to help explain the past failures in understanding transition
problems and to avoid future mistakes? This volume is a must read
for all who teach economics or apply economics to the real world.
The lessons in
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