Re-Evaluation of Welfare Changes During the Transition in Poland
The costs of shortages/rationing are not captured by standard consumer price indices. Thus the change in real GDP per capita is an over estimate of welfare losses in transition economies. In this study virtual prices are used to calculate new cost of living indices, making it possible to construct more accurate pre- and postreform welfare comparisons. The results for Poland using virtual prices show 62-84 percent decline in welfare over the transition 1987-92. This welfare loss is approximately one-third the value obtained using actual prices.
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|Date of creation:||01 Jan 2002|
|Date of revision:|
|Publication status:||Published in Post-Communist Economies 2002, vol. 14 no. 1, pp. 31-46|
|Contact details of provider:|| Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070|
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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- Neary, J.P & Roberts, K.W.S, 1978.
"The Theory of Household Behaviour under Rationing,"
The Warwick Economics Research Paper Series (TWERPS)
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"Economic Transformation in Eastern Europe and the Distribution of Income,"
Cambridge University Press, number 9780521433297, june. pag.
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- Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
- James Banks & Richard Blundell & Arthur Lewbel, 1997. "Quadratic Engel Curves And Consumer Demand," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 527-539, November.
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