Economic Themes (2008) 46 (4) 11, 131-145
Zoran Stefanović
Abstract: Different efficiency of the post socialist economies in the transition process, brings about necessity to reconsider standard neoclassical approach to transition. The paper sketches the approaches of institutional and new Austrian economics to transition. It is suggested that these two schools of economic thought conceptualize transition as evolutionary process. The goal of the paper is to demonstrate superiority of such an approach in relation to transition orthodoxy. Achievements of institutional and new Austrian economics can be usefully applied in the analysis of the relevant dimensions of the post socialist transformation, especially of less successful transition economies.
Keywords: transition; institutional economics; new Austrian economics; evolution; institutions
THE CONTRIBUTION OF INSTITUTIONAL AND NEW AUSTRIAN ECONOMICS TO UNDERSTANDING THE TRANSITION PROCESS
Zoran Stefanović
Abstract: Different efficiency of the post socialist economies in the transition process, brings about necessity to reconsider standard neoclassical approach to transition. The paper sketches the approaches of institutional and new Austrian economics to transition. It is suggested that these two schools of economic thought conceptualize transition as evolutionary process. The goal of the paper is to demonstrate superiority of such an approach in relation to transition orthodoxy. Achievements of institutional and new Austrian economics can be usefully applied in the analysis of the relevant dimensions of the post socialist transformation, especially of less successful transition economies.
Keywords: transition; institutional economics; new Austrian economics; evolution; institutions
