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Some Simple Dynamics of Transition from Command to Market Economy

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  • Meghnad Desai
  • S Estrin

Abstract

The recent experience of Eastern European economies- Hungary, Poland and Czechoslovakia - is analysed in terms of two simple models, the first model characterises the planned economy and derives an expression for the monetary overhang. The second model analyses the dynamics of transition in terms of an Aggregate Demand - Aggregate Supply model with price expectations. The simultaneous occurrence of inflation and putput loss is derived. Extensions to cover a more complex scenario are discussed.

Suggested Citation

  • Meghnad Desai & S Estrin, 1992. "Some Simple Dynamics of Transition from Command to Market Economy," CEP Discussion Papers dp0085, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepdps:dp0085
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    Cited by:

    1. Martin Raiser, 1995. "“Transition is a bridge, therefore do not dwell upon it”1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 3(2), pages 215-246, June.
    2. Namazie, Ceema Zahra, 2003. "Why labour hoarding may be rational: a model of firm behaviour during transition," LSE Research Online Documents on Economics 6361, London School of Economics and Political Science, LSE Library.
    3. Ceema Zahra Namazie, 2003. "Why Labour Hoarding may be Rational: A model of firm behaviour during transition," CASE Papers case69, Centre for Analysis of Social Exclusion, LSE.
    4. Ceema Zahra Namazie, 2003. "Why Labour Hoarding may be Rational: A model of firm behaviour during transition," CASE Papers 069, Centre for Analysis of Social Exclusion, LSE.

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