The literature on economic systems and corresponding empirical studies have largely focused on a classification for developed countries, while other world regions have only partly been included and/or not compared to established OECD prototypes on an income-adjusted basis. In our macro...

The literature on economic systems and corresponding empirical studies have largely focused on a classification for developed countries, while other world regions have only partly been included and/or not compared to established OECD prototypes on an income-adjusted basis. In our macro...

Purpose - This paper aims to determine the status of the socialist market economy through a logical analysis of the evolution of economic systems in human society. Design/methodology/approach - This paper presents an analysis of uncertainty and the functions performed by different economic...