Re-evaluation of Welfare Changes during the Transition in Poland

Sonya K. Huffman and Stanley R. Johnson

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: The costs of shortages/rationing are not captured by standard consumer price indices. Thus the change in real GDP per capita is an over-estimate of welfare losses in transition economies. In this study virtual prices are used to calculate new cost of living indices, making it possible to construct more accurate pre-reform and post-reform welfare comparisons. The results for Poland using virtual prices show 62-84% decline in welfare over the transition 1987-92. This welfare loss is approximately one-third of the value obtained using actual prices.

Date: 2002-01-01
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