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The Transition Programme: Interdependence between the Key Components

In: Economic Transition in Central Europe and the Commonwealth of Independent States

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  • Tomasz Mickiewicz

Abstract

Economic transition consists of changing the system of control rights, incentives and information in an economy. The change should result in a better ‘match’ between control rights and residual claims, making the motivation of economic agents consistent with the aim of value maximization. As discussed in Chapter 1, one important element of efficiency relates to flexibility: the producers should adequately respond and adjust to changes (1) in the real structure of costs (scarcity), and (2) in the set of preferences of buyers. However, it is not only the behaviour of producers, but also of other economic agents, that matters: households should be motivated to save instead of hoarding goods, and investors to chose the long-term best value-adding projects.

Suggested Citation

  • Tomasz Mickiewicz, 2005. "The Transition Programme: Interdependence between the Key Components," Studies in Economic Transition, in: Economic Transition in Central Europe and the Commonwealth of Independent States, chapter 2, pages 26-46, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-0-230-50434-9_2
    DOI: 10.1057/9780230504349_2
    as

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