The transition from a supply - to a demand-constrained economy implies a fall in demand below potential supply. However, the process of transition in Eastern Europe and the former Soviet Union has led to a steep drop in both aggregate supply and demand, causing dramatic falls in output not...

This paper starts from the proposition that the performance of an economy is directly and indirectly the result of the quality of its information and the decision-making systems. The paper first analyses the nature of the decision-making system and information flows in the former planned...