By Zbigniew Nahorski, J. Owsinski, Tomasz Szapiro
Transition economies provide a attempt case for ideas and theories, for broader principles and for the tools of clinical enquiry, but additionally for the multiplicity of ideological interpretations. This quantity addresses the most important problems with transformation, institutional layout, the redistribution paradigm and the macroeconomic judgements to be made.
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Extra resources for The Socio-Economic Transformation: Getting Closer to What?
Thus, liberalization and stabilization produce a qualitatively similar sickle-shaped path of total output over time. This chapter attempts to extend the above story to consider the reaction of output to privatization. By privatization is meant the transfer of productive capacity (as opposed to the provision of public goods) from the public sector to the private sector. By assumption, the public sector produces goods and services of lower quality, and at lower prices, than the private sector (Blanchard, 1997).
27). Thus, full privatization, resulting in q = 0, does not lead to the eradication of public production in this case. 29). This is c1early a highly speculative Thorvaldur Gylfason 44 exercise because of the simplicity of the formula and the unavaiIabiIity of reliable evidence about the explanatory parameters. 1). 9. For comparison, the average share of state-owned enterprises in economic activity in 8 industrial countries and 40 developing countries in 1988 was 6 per cent and 11 per cent, respectively (see World Bank, 1995).
2001) On the Speed and Boundaries of Structural Adjustment when Fiscal Policy is Tight. Economic Systems, 25(4), 345-364. H. (2003) Insider Privatization and Restructuring Incentives. Economics ofPlanning, 36(4), 333-49. H. Schröder Shleifer, A. W. Vishny (1994) Politicians and Finns. Quarterly Journal 0/ Economics, 109,995-1025. Wright, P. and A. Mukherji (1999) Inside the Finn: Socioeconomic Versus Agency Perspectives on Finn Competitiveness. Journal 0/ Socio-Economics, 28,295-307. Chapter 3 Privatization, Efficiency, and Economic Growthl Thorvaldur Gylfason Privatization is shown to increase national economic output in a twosector Jull-employment general-equilibrium model by enhancing efficiency as if a relative price distortion were being removed through price reform, trade liberalization, or stabilization.