Since the seminal work of Adam Smith, markets have been considered an efficienttool for co-ordinating the behaviour of economic agents. The basic characteristicof a market economy is that the complex system of interaction amongindividuals is not centrally coordinated. Under the assumption of...

During the transition towards a market economy in Romania most enterprises established at the time of industrialization and urbanization project of the communist period reduced or stopped their activity and many employees lost their jobs. A reverse migration from urban to rural areas took place,...

During the transition towards a market economy in Romania most enterprises established at the time of industrialization and urbanization project of the communist period reduced or stopped their activity and many employees lost their jobs. A reverse migration from urban to rural areas took place,...

This research aims at shedding empirical light on the relative efficiency of small-scale maize producers in Romania. Farmers in transition countries still face heavily distorted price systems resulting from imperfect market conditions and socioeconomic and institutional constraints. To capture...