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The Economics of Transition and the Transition of Economics

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  • JOCELYN HORNE

Abstract

The economics of transition is the study of the economic transformation from one economic system–central planning–to another, a market system. This paper discusses a number of issues in reform strategy and experiences with reform of Eastern Europe. It is argued that the economics of transition has a wider significance that transcends specific issues of reform strategy and individual country experience. That significance lies in two areas; as a ‘living test’ of the neoclassical model which underpins the reform strategy and as an ultimate challenge to the economics discipline.

Suggested Citation

  • Jocelyn Horne, 1995. "The Economics of Transition and the Transition of Economics," The Economic Record, The Economic Society of Australia, vol. 71(4), pages 379-392, December.
    • Handle: RePEc:bla:ecorec:v:71:y:1995:i:4:p:379-392
    DOI: 10.1111/j.1475-4932.1995.tb02682.x
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    References listed on IDEAS

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    1. Peter B. Kenen, 1991. "Transitional Arrangements for Trade and Payments among the CMEA Countries," IMF Staff Papers, Palgrave Macmillan, vol. 38(2), pages 235-267, June.
    2. Lane, Timothy D., 1992. "Inflation stabilization and economic transformation in Poland: The first year," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 36(1), pages 105-155, July.
    3. Aslund Anders, 1994. "Lessons of the First Four Years of Systemic Change in Eastern Europe," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 22-38, August.
    4. János Somogyi & Mr. Anthony R. Boote, 1991. "Economic Reform in Hungary Since 1968," IMF Occasional Papers 1991/003, International Monetary Fund.
    5. Eduardo Borensztein & Manmohan S. Kumar, 1991. "Proposals for Privatization in Eastern Europe," IMF Staff Papers, Palgrave Macmillan, vol. 38(2), pages 300-326, June.
    6. Mr. Mario I. Bléjer & Mr. Carlo Cottarelli, 1991. "Forced Savings and Repressed Inflation in the Soviet Union: Some Empirical Results," IMF Working Papers 1991/055, International Monetary Fund.
    7. Michael Bruno, 1992. "Stabilization and Reform in Eastern Europe: A Preliminary Evaluation," IMF Staff Papers, Palgrave Macmillan, vol. 39(4), pages 741-777, December.
    8. Mr. Michael Bruno, 1992. "Stabilization and Reform in Eastern Europe: A Preliminary Evaluation," IMF Working Papers 1992/030, International Monetary Fund.
    9. Mr. Eduardo Borensztein, 1991. "Proposals for Privatization in Eastern Europe," IMF Working Papers 1991/036, International Monetary Fund.
    10. Mr. Jonathan David Ostry & Mr. Eduardo Borensztein & Mr. Dimitri G Demekas, 1992. "The Output Decline in the Aftermath of Reform: The Cases of Bulgaria, Czechoslovakia, and Romania," IMF Working Papers 1992/059, International Monetary Fund.
    11. Mohsin S. Khan, 1990. "The Macroeconomic Effects of Fund-Supported Adjustment Programs," IMF Staff Papers, Palgrave Macmillan, vol. 37(2), pages 195-231, June.
    12. Stanley Fischer & Alan Gelb, 1991. "The Process of Socialist Economic Transformation," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 91-105, Fall.
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    Cited by:

    1. John Marangos, 2002. "A post Keynesian critique of privatization policies in transition economies," Journal of International Development, John Wiley & Sons, Ltd., vol. 14(5), pages 573-589.
    2. Adam McCarty, 2001. "The Social Impact of the Reform Process," Development and Comp Systems 0110004, University Library of Munich, Germany.
    3. Midttun, Atle & Chander, Ishwar, 1998. "The political economy of energy use and pollution: the environmental effects of East-European transition to market economy," Energy Policy, Elsevier, vol. 26(13), pages 1017-1029, November.

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