The Economics of Property Rights: Towards a Theory of Comparative SystemsTo understand recent developments in Eastern Europe requires a method of analysis that is capable of internalizing into a theoretical framework (i) the logical premises deduced from the costs of transactions and incentive structures generated by various institutions and (ii) the evidence for refutable implications of those premises. The economics of property rights is such a theory. It expands the scope of the ability of economic analysis to explain a wide range of institutional structures and provides empirical corroboration of its logical implications. The economics of property rights is, then, an effective scholarly instrument that offers more significant understanding of the three current issues in the area of comparative economic studies: (i) evaluating the performance of alternative institutional arrangements, (ii) explaining the failure of socialist institutions in Eastern Europe, and (iii) identifying the costs (political as well as economic) of institutional reforms in that part of the world. In that sense, the book is both timely and relevant. In the late 1980s East Europeans crossed the threshold of fear and forced their leaders to abandon Marxism. With that theory of history dead and buried, the cost of current sacrifices in the pursuit of socialism has risen relative to the present value of its expected future benefits. |
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Table des matières
Suggested Readings | 103 |
Suggested Readings | 114 |
Suggested Readings | 120 |
Suggested Readings | 127 |
The Quantitative Performance of the Soviet Economy | 137 |
Suggested Readings | 148 |
Nomenklatura and the LaborManaged Economy | 176 |
The Total Revenue of the Yugoslav Firm | 182 |
The Allocation of Earnings and the State | 189 |
Suggested Readings | 197 |
Autres éditions - Tout afficher
The Economics of Property Rights: Towards a Theory of Comparative Systems S. Pejovich Aucun aperçu disponible - 2014 |
The Economics of Property Rights: Towards a Theory of Comparative Systems S. Pejovich Aucun aperçu disponible - 2013 |
Expressions et termes fréquents
allocation of resources bank behavior benefits budget bundle bundle of rights bureaucracy business firms capital capitalist chapter codetermination community’s consequences consumer consumption corporatized costs of transactions decisions deficit defined difficult economic analysis economic system effect efficient employees enterprises exchange opportunities figure financial markets financing fire firm’s firm’s earnings first five flow future glasnost implementation important incentives income increase individual industry inefficiencies inflation influence innovation inputs institutional investment labor labor-managed economy labor-managed firm major manager’s Marx nomenklatura nonpecuniary opportunity costs organizations owner Party percent perestroika Politburo political private-property production function profit rate of interest reduce reflect reforms right of ownership risk rules Russian sell shareholders social contract social opportunity set socialists SOE’s Soviet manager Soviet Union Soviet-type economy specific spot price Stalin structure supply trade transaction costs VCRs wage fund wealth wheat workers Yugoslav Yugoslavia
