The Theory and Measurement of Macroeconomic Disequilibrium in Centrally Planned Economies PDF Download
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Author: Richard Portes
Publisher:
ISBN:
Category : Macroeconomics
Languages : en
Pages : 43
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Book Description
Author: Richard Portes
Publisher:
ISBN:
Category : Macroeconomics
Languages : en
Pages : 43
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Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Richard David PORTES
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Barry William Ickes
Publisher:
ISBN:
Category :
Languages : en
Pages : 632
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Author: C.M. Davis
Publisher: Springer Science & Business Media
ISBN: 9400908237
Category : Business & Economics
Languages : en
Pages : 504
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Book Description
The centrally planned economies (CPEs) of the Soviet Union and Eastern Europe have experienced severe imbalances in domestic and external markets over the past several decades. As a result, they have been chronically afflicted by problems such as excess demand, repressed inflation, deficits of commodities, queues, waiting lists, and forced savings. Economists have responded to these phenomena by developing appropriate theoretical and empirical models of CPEs. Of particular note have been the pioneering studies of Richard Portes on disequilibrium econometric models and Janos Kornai on the shortage economy. Each approach has attracted followers who have produced numerous, innovative macro- and microeconomic models of Poland, Czechoslovakia, the German Democratic Republic, Hungary, and the USSR. These models have proved to be of considerable value in the analysis of the causes, consequences and remedies of disequilibrium phenomena. Inevitably, the new research has also generated controversies both between and within the schools of shortage and disequilibrium modelling, concerning the fundamental nature of the socialist economy, theoretical concepts and definitions, the specification of models, estimation techniques, interpretation of empirical findings, and policy recommend ations. Furthermore, the research effort has been energetic but incomplete, so many gaps exist in the field.
Author: Richard Portes
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 29
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Author: Richard Portes
Publisher:
ISBN:
Category :
Languages : en
Pages : 28
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Author: David M. Kemme
Publisher:
ISBN:
Category : Macroeconomics
Languages : en
Pages : 442
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Author: Alfred B. Bieć
Publisher:
ISBN:
Category :
Languages : en
Pages : 25
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Author: J.C. Siebrand
Publisher: Springer
ISBN: 9789401735629
Category : Business & Economics
Languages : en
Pages : 169
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Most re cent contributions to disequilibrium theory have a high level of abstraction. Empirical studies explicitly based on disequilibrium are still relatively scarce. However, empirical macro economics anticipated the theoretical development, and amalgamated classical and Keynesian elements often without a clear-cut formal base. Now a theoretical integration of neo-classical and neo-Keynesian economics seems under way. There is a renewed interest in the micro-economic foundations of macroeconomics with a special focus on the behaviour of economic agents operating in non-clearing markets. In some instances these theoretical developments offer an ex post justification for empirical macro-economic practices. Generally however, they call for new ways of empirical macro-economic model building. This study operates on the border line between empirical macro economics and theoretical disequilibrium macro-economic theory. Our interest in macro-economic disequilibrium originates from the empirical side. Foreign trade relations for several countries revealed significant pressure of demand effects. Hence, the spillover of excess demand in domestic markets to foreign markets seemed a rather general phenomenon. This fact could be explained by a theory that states that actual demand for products from domestic ftrms will gene rally and systematically differ from the ex ante demand as suggested by equilibrium analysis. This latter demand concept comes close to Clower's 'notional demand' and Patinkin's 'potential demand'.
