Price Decontrol: The Microeconomic Case for the 'Big Bang' Approach

Maxim Boycko

Oxford Review of Economic Policy, 1991, vol. 7, issue 4, 35-45

Abstract: The paper presents the microeconomic case for rapid and comprehensive price decontrol as the appropriate first step in the transition to the market. To make our point, we consider the likely impact of the "big bang" price decontrol on a (former) socialist economy, with particular attention to the welfare consequences for the consumer of eliminating shortages and queues, the costs of monopoly power of state enterprises, the possibility of major disruptions in the intermediate goods markets, and the politico-economic issues involved. Copyright 1991 by Oxford University Press.

Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:oup:oxford:v:7:y:1991:i:4:p:35-45

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