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Kornai: Shortage Versus Surplus Economies

In: Collected Works of Domenico Mario Nuti, Volume II

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  • Domenico Mario Nuti

    (University of Rome)

Abstract

The economics of institutions and comparative systems owes an enormous debt to János Kornai. This was well exemplified by Kornai (Shortage Economy—Surplus Economy, 2014a), offering a synthetic characterization of socialism and capitalism, respectively, as shortage and surplus economies. I was very fortunate, over the last fifty years, to have had many opportunities to meet him and to talk to him, and to discuss these issues directly with him. János can be very persuasive, and over the years I have somewhat converged towards his views, but in this essay, I am going to rehearse one residual major disagreement on the shortage economy, and three reservations on capitalism as the surplus economy which, after discovering from talking to him that he was in basic sympathy with them, I have downgraded to qualifications.

Suggested Citation

  • Domenico Mario Nuti, 2023. "Kornai: Shortage Versus Surplus Economies," Studies in Economic Transition, in: Saul Estrin & Milica Uvalic (ed.), Collected Works of Domenico Mario Nuti, Volume II, chapter 9, pages 155-171, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-031-23167-4_9
    DOI: 10.1007/978-3-031-23167-4_9
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    More about this item

    Keywords

    Socialism; Shortages; Capitalism; Surplus; Post-socialist transition; Soft budget constraints; Inflation; Innovation; Democracy;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies
    • P3 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems

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