Hungarian economist János Kornai first used the metaphor of a single path to postsocialist transition in his earlier book, The Road to a Free Economy. The new metaphor that frames this collection of recent studies reflects a broader perspective and understanding of the complexities of...

These seven essays by the Eastern block's most important economist address and explore many of the critical social and economic issues inherent in the socialist economy. Published in Hungary in 1983, they are the firsthand observations of an insider who attempts to be as frank and impartial as...

The transition from socialism to capitalism in former socialist economies is one of the main economic events of the twentieth century. Not only does it affect the lives of approximately 1.65 billion people, but it is contributing to a shift in emphasis in economics from standard price and...

The transition of the former socialist and otherwise centrally planned economies into the world trading and financial system has become a major concern to both policymakers and social scientists. In this book experts from diverse economies address the principal issues raised by this transition....

Abram Bergson has been making significant contributions to economic theory since the 1930s, and this selection of fifteen of his most influential essays exhibits in large part the breadth of his range. The book's primary focus, however, is on those aspects of economic theory to which he has...

Over the past decade, Sanford Grossman's contributions to the economics of information have significantly altered the way economists think about rational expectations. Here his articles are collected in one place, providing a uniform framework for understanding how prices convey information in...

Market Volatility proposes an innovative theory, backed by substantial statistical evidence, on the causes of price fluctuations in speculative markets. It challenges the standard efficient-markets model for explaining asset prices by emphasizing the significant role that popular opinion or...

Recent theoretical developments in exchange rate economics have led to important new insights into the functioning of the foreign exchange market. The simple models of the 1970s, which could not withstand empirical evaluation, have been succeeded by more complex models that draw on theoretical...

In this book Roger Guesnerie contributes to the critical assessment of the Rational Expectations hypothesis (REH). He focuses on the multiplicity question that arises in (infinite horizon) Rational Expectation models and considers the implications for a theory of endogenous fluctuations. The...