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class 1 - ECON 3808 Economies in Transition Instructor...

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ECON 3808 Economies in Transition Instructor: Crina Viju TA: Sara Rose
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Defining an economy Economic system: set of mechanisms guiding resource allocation Decision-making structure; Information and coordination mechanisms; Property rights; Incentives. Economic structure: territorial and branch composition of output; Macroeconomic situation; Physical and human capital; Size; Location.
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Economic transition Change in economic system plus changes in other indicated variables to the extent they are related to this transformation; Transition from one system to another depends on 4 variables: Initial or inherited conditions (can they change?); Hidden treasures or burdens? Exogenous determinants; Economic policy; Outcomes. Controllable or not?
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Reform programs Similarities and differences: Transition from planned to market economy rather than modifying planned economy; Transition programs varied in speed and intensity: Gradual (but still rapid compared to Soviet Union); “Big bang”; No general theory of change in economic system; Different from country to country.
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class 1 - ECON 3808 Economies in Transition Instructor...

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