Communist economic efficiency revisited

Article Abstract:

The debate over the efficiency of communist economies in relation to market economies continues even after the collapse of communism. A 1987 study compared the productivity of the entrepreneurial-market-economy countries of the US, UK, Japan, West Germany, France, Italy and Spain and the communist countries of the Soviet Union, Hungary, Poland and Yugoslavia. The results indicated that the output per worker in communist countries was 29.5% to 34.3% lower than the output in countries with entrepreneurial market economies.

Efficient market theory, Communist countries, Free enterprise

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A neoclassical growth model applied to transition in Central Europe

Article Abstract:

It was a common notion that, based on a general analysis of transition reforms, Central European transition countries possess the market economy framework. A study was conducted using a neoclassical growth model tested in a business cycle theory to evaluate the economic performance of Central European countries. Findings indicate consistency between macroeconomic fluctuations in transition countries and the properties of the unconditional second moments.

Economics, Research and Development in the Social Sciences and Humanities, Central Europe, Macroeconomics

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