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Podivné chování spotřeby v průběhu transformace
[Strange behaviour of consumption during the transformation]


  • Kamil Janáček


Both economic theory on consumption function and historical empirical evidence from advanced market economies prove that private consumption is less volatile during the cycle than GDP or fixed capital investment. The national accounts data for the Czech Republic in 1990-1998 show the opposite: the household consumption was more volatile than the GDP. This peculiarity of the Czech households behaviour has several reasons: significant increase in savings rate as a reaction to higher insecurity, rise of unemployment etc. the catch-up with living standards in neighbouring countries-members of EU. As a first step in this catch-up, households are accumulating wealth in form of savings; pilling-up some items of wealth; changing consumer behaviour as a reaction to price liberalization and relatively speedy changing price relations. It is highly probable that the volatility of private consumption will be higher than the volatility of GDP also in the next future.

Suggested Citation

  • Kamil Janáček, 1999. "Podivné chování spotřeby v průběhu transformace
    [Strange behaviour of consumption during the transformation]
    ," Politická ekonomie, University of Economics, Prague, vol. 1999(5).
  • Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:5:id:67

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    References listed on IDEAS

    1. Masahiko Aoki, 2004. "An organizational architecture of T-form: Silicon Valley clustering and its institutional coherence," Industrial and Corporate Change, Oxford University Press, vol. 13(6), pages 967-981, December.
    2. North, Douglass C, 1994. "Economic Performance through Time," American Economic Review, American Economic Association, vol. 84(3), pages 359-368, June.
    3. repec:dau:papers:123456789/12319 is not listed on IDEAS
    4. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters,in: Understanding the Process of Economic Change Princeton University Press.
    5. Krueger, Anne O, 1974. "The Political Economy of the Rent-Seeking Society," American Economic Review, American Economic Association, vol. 64(3), pages 291-303, June.
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