ISSN:
1572-9982
Source:
Springer Online Journal Archives 1860-2000
Topics:
Economics
Notes:
Summary The article is an extended review of J. Kornai’sEconomics of Shortage. Salient feature of this book is a behavioural in place of a decision-theoretic approach to socialist economies. The article discusses central concepts of Kornai’s analysis as hard and soft budget constraints, shortage and slack, taut plans, sellers’ markets. The main hypothesis says that the achievements of socialism, work guarantee and redistribution, bring about soft budget constraints and thus cause shortage. It is argued, however, that existing socialist systems have ample leeway for economic reforms.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/BF02389855
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