Public Finance, Unemployment and Economies in Transition

John S. Flemming
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John S. Flemming: European Bank for Reconstruction and Development

Chapter 4 in Economics in a Changing World, 1993, pp 60-79 from Palgrave Macmillan

Abstract: Abstract Price reform, the dismantling of subsidies and opening to trade do nothing to impair the productive potential of an economy: indeed the removal of distortions should facilitate the more efficient use of its resources and thus contribute to higher production, consumption and welfare. Yet what we see in formerly centrally planned economies adopting such policies is a substantial fall in measured output — typically 25 per cent over about three years.

Date: 1993
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DOI: 10.1007/978-1-349-22988-8_4

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