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Could we build a bridge between Austrian Economics and New Institutional Economics? A Pré-History of the Soft Budget Constraint

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  • Claudio Djissey Shikida IBMEC-MG

Abstract

The concept of soft budget constraint is recent in economic analysis. It has become increasingly important in economic theory, for its role as a system of incentives. However, soft budget constraint plays also an important role in the history of economic thought, where it can be traced back until Mises's writings on economic calculation and property rights, both derived from the debate of the economic calculation in socialist regimes. In this sense, soft budget constraint can be viewed as a bridge between Austrian Economics and New Institutional Economics. Since Mises, like other Austrian economists, is virtually ignored in Brazilian courses of Economic Thought, this article intends to show his importance as a forerunner of the concept of soft budget constraint, and will try to link these two theoretical views of economic systems.

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Paper provided by EconWPA in its series Method and Hist of Econ Thought with number 0307002.

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Length: 13 pages
Date of creation: 20 Jul 2003
Date of revision:
Handle: RePEc:wpa:wuwpmh:0307002

Note: Type of Document - pdf; prepared on Windows Word; to print on HP/PostScript/Franciscan monk; pages: 13. comments and critics are welcome. Preliminar research in history of economic thought
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Keywords: Austrian Economics New Institutional Economics Soft Budget Constraint;

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  1. Kraft, Evan & Vodopivec, Milan, 1992. "How soft is the budget constraint for Yugoslav firms?," Policy Research Working Paper Series 937, The World Bank.
  2. Maskin, Eric S., 1996. "Theories of the soft budget-constraint," Japan and the World Economy, Elsevier, vol. 8(2), pages 125-133, June.
  3. Yingyi Qian & Barry R. Weingast, 1997. "Federalism as a Commitment to Preserving Market Incentives," Working Papers 97042, Stanford University, Department of Economics.
  4. Raiser, Martin, 1994. "The no-exit economy: Soft budget constraints and the fate of economic reforms in developing countries," World Development, Elsevier, vol. 22(12), pages 1851-1867, December.
  5. Yingyi Qian & Gerard Roland, . "Federalism and the Soft Budget Constraint," Working Papers 97045, Stanford University, Department of Economics.
  6. Yingyi, Qian & Roland, Gerard, 1996. "The soft budget constraint in China," Japan and the World Economy, Elsevier, vol. 8(2), pages 207-223, June.
  7. Fafchamps, Marcel & de Janvry, Alain & Sadoulet, Elisabeth, 1999. " Social Heterogeneity and Wasteful Lobbying," Public Choice, Springer, vol. 98(1-2), pages 5-27, January.
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