Production Aspects of Russian Transition

Alexander Yu. Vurobyov

No 295426, WIDER Working Papers from United Nations University, World Institute for Development Economic Research (UNU-WIDER)

Abstract: Economic reform in Russia is one of the most illuminating and educating orthodox stabilization experiences in completely non-market institutional environment. Thus it demonstrates extremely well all effects and constraints of orhtodox therapy in society subject to structural distortions and external shocks. In such a society "irrational" from the point of view of economic common sense behavior of many variables and parameters as well as weak effects of price signale sometimes make theoretic equations useless or diminish considerably their explanatory power. Unpredictable reactions of economic agents and macro-aggregates aggravate chaos in economic system which in turn hampers its transition toward some sort of stable trajectory. Chaos produced.by inadequate effects of governmental policy (especially taking into account its objectives) has as we can see in Russia very vulnerable consequences.

Keywords: International; Development (search for similar items in EconPapers)
Pages: 54
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Persistent link: https://EconPapers.repec.org/RePEc:ags:widerw:295426

DOI: 10.22004/ag.econ.295426

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