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Transition From A Command Economy: Rational Expectations And Cold Turkey

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  • MURRAY WOLFSON

Abstract

This paper attempts to convey to representatives of the erstwhile Soviet bloc an understanding of the problems they face in achieving a market economy. Although the transition from a command economy to a market economy is perilous, the author advises policymakers that retarding the tempo of change will invite economic and political disaster.

Suggested Citation

  • Murray Wolfson, 1992. "Transition From A Command Economy: Rational Expectations And Cold Turkey," Contemporary Economic Policy, Western Economic Association International, vol. 10(2), pages 35-43, April.
    • Handle: RePEc:bla:coecpo:v:10:y:1992:i:2:p:35-43
    DOI: 10.1111/j.1465-7287.1992.tb00223.x
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    References listed on IDEAS

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    1. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
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