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From Anti-equilibrium to The Socialist System and beyond


  • Péter Gedeon

    () (Corvinus University of Budapest, Department of Comparative Economics, Budapest, Hungary)


This essay attempts to understand János Kornai’s works from a political economy perspective. It argues that Kornai has significantly contributed to the formation of a new paradigm of political economy. The main endeavor of Kornai has been the combination of analytical concepts of economics with the empirical description of real economies. After a certain period of theoretical experimentation János Kornai formulated his research program that can be called the shortage economy explanation of the socialist system. The Economics of Shortage and The Socialist System have created a new theoretical paradigm in a framework in which it has become possible to establish a connection between the analytical and empirical, universal and historical aspects of the theory studying the socialist system as a real economic entity. János Kornai has built his analysis of the socialist system on the primary role of politics in the creation of economic institutions. In his present work on capitalism he has extended this thesis to the capitalist system. This seems to be an important contribution of his to a new political economy paradigm that is just in the process of formation.

Suggested Citation

  • Péter Gedeon, 2013. "From Anti-equilibrium to The Socialist System and beyond," Society and Economy, Akadémiai Kiadó, Hungary, vol. 35(4), pages 437-450, December.
  • Handle: RePEc:aka:soceco:v:35:y:2013:i:4:p:437-450

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    Cited by:

    1. Galbács, Péter, 2017. "Max Weber és a modern makroökonómia újraértelmezése. Elméleti keret a kortárs makroökonómia módszertani elemzéséhez
      [Max Weber and reinterpretation of modern macroeconomics. A theoretical framework
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 285-304.

    More about this item


    political economy; shortage economy; surplus economy; soft budget constraint; socialist system; capitalist system;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems


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