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Economic Lessons from the Transition: The Basic Theory Re-examined : The Basic Theory Re-examined - Daniel R. Kazmer

Economic Lessons from the Transition: The Basic Theory Re-examined

The Basic Theory Re-examined

Paperback Published: 5th January 2004
ISBN: 9780765612991
Number Of Pages: 272

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Economic Lessons from the Transition focuses on major transitions in the 1990s: the transition from central planning and communism to market capitalism and the global integration of national financial systems. The transitions were supposed to raise most peoples' standard of living; instead they dramatically worsened the lives of most people in the countries involved. While most attempts to explain this failure focus on policies, the authors of this book argue that failure of economic theory to fully understand these transitions has led to bad policies that made the transitions unnecessarily painful and costly. The book suggests answers to the following questions: How should basic economic theory as taught in introductory economics courses be revised in light of the failure of market-oriented economics to effect a successful transition in so many former communist economies? Could the theory be revised and presented in a different manner? How can basic economic theory be used to help explain the past failures in understanding transition problems and to avoid future mistakes? This volume is a "must read" for all who teach economics or apply economics to the real world.

List of Tables, Boxes, Graphs
Introduction
The Basic Market Mechanism
Firms and the Markets They Operate In
The Factors of Production
The Role of Government
Measuring Economic Activity: The Key to Understanding
Macroeconomics
Monetary Policy and Its Prerequisites
Foreign Exchange Rates and Exchange Rate Crises
Transition in the Context of the International Financial System
The Consequences for Open-Economy Macroeconomics
Benevolent and Malevolent Markets
Japan: The First Demographic Transition
Conclusion
Notes
Index
About the Authors
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780765612991
ISBN-10: 0765612992
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 272
Published: 5th January 2004
Country of Publication: GB
Dimensions (cm): 22.61 x 15.19  x 1.73
Weight (kg): 0.34