[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/kap/ecopln/v23y1990i1p1-19.html
   My bibliography  Save this article

Reform Economics and Western Economic Theory: Unexploited Opportunities

Author

Listed:
  • Grosfeld, Irena
Abstract
The theory of economic reforms in Soviet Union and Eastern Europe did not follow the development of western economic theory. Although the fundamental economic issues are different in the West and in the East (employment and inflation versus shortages and lack of technological progress) the reform economics is concerned with the optimal mix of centralization and decentralization, of market and hierarchy, of autonomy and control, and--more recently--of public and private. All these issues have been extensively treated in western economic literature. This paper overviews those fields in contemporary economics which could offer the East European reformers an enlightening perspective and useful tools in their search for a new institutional solution. Four such fields are presented: comparative economic system, theory of incentives, literature stressing relative costs and benefits of different institutional solutions and comparing market and nonmarket failures, and the theory of property rights. Copyright 1990 by Kluwer Academic Publishers

Suggested Citation

  • Grosfeld, Irena, 1990. "Reform Economics and Western Economic Theory: Unexploited Opportunities," Economic Change and Restructuring, Springer, vol. 23(1), pages 1-19.
    • Handle: RePEc:kap:ecopln:v:23:y:1990:i:1:p:1-19
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    References listed on IDEAS

    as
    1. Henry G. Manne, 1969. "Economic Policy and the Regulation of Corporate Securities," Books, American Enterprise Institute, number 917976, September.
    2. Forte, Francesco, 1982. "The Law of Selection in the Public Economy as Compared to the Market Economy," Public Finance = Finances publiques, , vol. 37(2), pages 224-245.
    3. János Kornai, 1983. "The Health of Nations: Reflections on the Analogy Between the Medical Science and Economics," Kyklos, Wiley Blackwell, vol. 36(2), pages 191-212, May.
    4. Xavier Freixas & Roger Guesnerie & Jean Tirole, 1985. "Planning under Incomplete Information and the Ratchet Effect," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 52(2), pages 173-191.
    5. Richard R. Nelson, 1981. "Assessing Private Enterprise: An Exegesis of Tangled Doctrine," Bell Journal of Economics, The RAND Corporation, vol. 12(1), pages 93-111, Spring.
    6. Buchanan, James M, 1987. "The Constitution of Economic Policy," American Economic Review, American Economic Association, vol. 77(3), pages 243-250, June.
    7. Picard, Pierre, 1987. "On the design of incentive schemes under moral hazard and adverse selection," Journal of Public Economics, Elsevier, vol. 33(3), pages 305-331, August.
    8. Wolf, Charles, Jr, 1979. "A Theory of Nonmarket Failure: Framework for Implementation Analysis," Journal of Law and Economics, University of Chicago Press, vol. 22(1), pages 107-139, April.
    9. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
    10. Kornai, Janos, 1986. "The Hungarian Reform Process: Visions, Hopes, and Reality," Journal of Economic Literature, American Economic Association, vol. 24(4), pages 1687-1737, December.
    11. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    12. Nuti, D. M., 1988. "Competitive valuation and efficiency of capital investment in the socialist economy," European Economic Review, Elsevier, vol. 32(2-3), pages 459-464, March.
    13. William D. Nordhaus, 1975. "The Political Business Cycle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 42(2), pages 169-190.
    14. B. Caillaud & R. Guesnerie & P. Rey & J. Tirole, 1988. "Government Intervention in Production and Incentives Theory: A Review of Recent Contributions," RAND Journal of Economics, The RAND Corporation, vol. 19(1), pages 1-26, Spring.
    15. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73(2), pages 110-110.
    16. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    17. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58(3), pages 211-211.
    18. Lindbeck, Assar, 1976. "Stabilization Policy in Open Economies with Endogenous Politicians," American Economic Review, American Economic Association, vol. 66(2), pages 1-19, May.
    19. Granick,David, 1987. "Job Rights in the Soviet Union," Cambridge Books, Cambridge University Press, number 9780521332958.
    20. Demsetz, Harold, 1969. "Information and Efficiency: Another Viewpoint," Journal of Law and Economics, University of Chicago Press, vol. 12(1), pages 1-22, April.
    21. Henry G. Manne, 1965. "Mergers and the Market for Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 73(4), pages 351-351.
    22. Fiorina, Morris P. & Noll, Roger G., 1978. "Voters, bureaucrats and legislators : A rational choice perspective on the growth of bureaucracy," Journal of Public Economics, Elsevier, vol. 9(2), pages 239-254, April.
    23. Grosfeld, Irena, 1987. "Modeling planners' investment behavior: Poland, 1956-1981," Journal of Comparative Economics, Elsevier, vol. 11(2), pages 180-191, June.
    24. John Vickers & George Yarrow, 1988. "Privatization: An Economic Analysis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262720116, April.
    25. Furubotn, Eirik G & Pejovich, Svetozar, 1972. "Property Rights and Economic Theory: A Survey of Recent Literature," Journal of Economic Literature, American Economic Association, vol. 10(4), pages 1137-1162, December.
    26. Groves, Theodore, 1973. "Incentives in Teams," Econometrica, Econometric Society, vol. 41(4), pages 617-631, July.
    27. Guesnerie, Roger, 1988. "Regulation as an adverse selection problem : An introduction to the literature," European Economic Review, Elsevier, vol. 32(2-3), pages 473-481, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kamath Shyam J., 1994. "Privatization: A Market Prospect Perspective," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 5(1), pages 53-104, March.
    2. Richard E. Wagner, 2012. "Deficits, Debt, and Democracy," Books, Edward Elgar Publishing, number 14477.
    3. Holmstrom, Bengt R. & Tirole, Jean, 1989. "The theory of the firm," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 1, chapter 2, pages 61-133, Elsevier.
    4. Zhang, Le-Yin, 2004. "The Roles of Corporatization and Stock Market Listing in Reforming China's State Industry," World Development, Elsevier, vol. 32(12), pages 2031-2047, December.
    5. Bhaumik, Sumon Kumar & Dimova, Ralitza, 2004. "How important is ownership in a market with level playing field?: The Indian banking sector revisited," Journal of Comparative Economics, Elsevier, vol. 32(1), pages 165-180, March.
    6. J. Mulherin, 2005. "Corporations, collective action and corporate governance: One size does not fit all," Public Choice, Springer, vol. 124(1), pages 179-204, July.
    7. André Lapidus, 1987. "Avant-propos," Revue Économique, Programme National Persée, vol. 38(6), pages 1081-1094.
    8. Pelikan, Pavel, 1989. "Markets as Instruments of Evolution of Structures," Working Paper Series 237, Research Institute of Industrial Economics.
    9. Committee, Nobel Prize, 2016. "Oliver Hart and Bengt Holmström: Contract Theory," Nobel Prize in Economics documents 2016-1, Nobel Prize Committee.
    10. Pelikan, Pavel, 1985. "Private Enterprise vs. Government Control: An Organizationally Dynamic Comparison," Working Paper Series 137, Research Institute of Industrial Economics.
    11. Jorge Pinilla & Joaquim Vergés, 2007. "Efectos De La Privatización En La Eficiencia De Iberia Líneas Aéreas De España S.A," Revista Economía y Administración, Facultad de Ciencias Económicas y Administrativas, Universidad de Concepción, vol. 69, pages 7-38, December.
    12. Eduard Marinov, 2016. "The 2016 Nobel Prize in Economics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 97-149.
    13. Kim, Jongwook & Mahoney, Joseph T., 2008. "A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach," Working Papers 08-0108, University of Illinois at Urbana-Champaign, College of Business.
    14. David Gindis, 0. "On the origins, meaning and influence of Jensen and Meckling’s definition of the firm," Oxford Economic Papers, Oxford University Press, vol. 72(4), pages 966-984.
    15. Louis De Alessi, 1989. "The Effect of Institutions on the Choices of Consumers and Providers of Health Care," Journal of Theoretical Politics, , vol. 1(4), pages 427-458, October.
    16. Andreani, Ettore & Neuberger, Doris, 2004. "Relationship finance by banks and non-bank institutional investors: A review within the theory of the firm," Thuenen-Series of Applied Economic Theory 46, University of Rostock, Institute of Economics.
    17. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    18. Monica Auteri & Richard Wagner, 2007. "The Organizational Architecture of Nonprofit Governance: Economic Calculation Within an Ecology of Enterprises," Public Organization Review, Springer, vol. 7(1), pages 57-68, March.
    19. Matthias Kiefer & Edward Jones & Andrew Adams, 2016. "Principals, Agents and Incomplete Contracts: Are Surrender of Control and Renegotiation the Solution?," CFI Discussion Papers 1603, Centre for Finance and Investment, Heriot Watt University.
    20. Martin Conyon & Annita Florou, 2002. "Top executive dismissal, ownership and corporate performance," Accounting and Business Research, Taylor & Francis Journals, vol. 32(4), pages 209-225.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:ecopln:v:23:y:1990:i:1:p:1-19. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.