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Public Finance, Unemployment and Economies in Transition

In: Economics in a Changing World

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  • John S. Flemming

    (European Bank for Reconstruction and Development)

Abstract

Price reform, the dismantling of subsidies and opening to trade do nothing to impair the productive potential of an economy: indeed the removal of distortions should facilitate the more efficient use of its resources and thus contribute to higher production, consumption and welfare. Yet what we see in formerly centrally planned economies adopting such policies is a substantial fall in measured output — typically 25 per cent over about three years.

Suggested Citation

  • John S. Flemming, 1993. "Public Finance, Unemployment and Economies in Transition," International Economic Association Series, in: Dieter Bös (ed.), Economics in a Changing World, chapter 4, pages 60-79, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-22988-8_4
    DOI: 10.1007/978-1-349-22988-8_4
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