Uncertainty and Institutional Evolution in Complex Economic Systems: The Post Keynesian Approach

I. Rozmainsky

Voprosy Ekonomiki, 2009, issue 6

Abstract: The paper is an attempt to develop the post Keynesian approach to comparative analysis of economic systems. The basic differences between economic systems are determined by the differences between institutions created for the sake of decreasing uncertainty. Uncertainty-reducing evolution of institutions can both stabilize and destroy economic system. The example of such destruction is the collapse of planned socialism. The author applies this approach to the analysis of economic system emerged in post-Soviet Russia which is "family-clannish capitalism". He tries to predict its institutional evolution.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2009:id:883

DOI: 10.32609/0042-8736-2009-6-48-59

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