In the early 1980s, rational expectations and new classical economics dominated macroeconomic theory. This essay evolved from the authors' profound disagreement with that trend. It demonstrates not only how the new classical view got macroeconomics wrong, but also how to go about doing...

János Kornai, a distinguished Hungarian economist, began his adult life as an ardent believer in socialism and then became a critic of the communist political and economic system. He lost family members in the Holocaust, contributed to the ideological preparation for the 1956 Hungarian...

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...