Models of Disequilibrium and Shortage in Centrally Planned Economies (International Studies in Economic Modelling)

Based on the disequilibrium econometric models of Richard Portes and his colleagues and the models of the socialist shortage economy elaborated by Janos Kornai and members of his school, this book provides a number of comprehensive surveys of the theoretical foundations of the new disequilibrium and shortage models of centrally planned economies of the Soviet Union and Eastern Europe and of relevant econometric estimation techniques. It also contains chapters on macroeconomic models of foreign trade, the automobile market, and the medical system in various socialist countries. Numerous original contributions are made in the volume in the areas of economic theory, econometric estimation, model building, and empirical analysis. The authors of the chapters are leading specialists in the field of disequilibrium and shortage modelling from the USA, Britain, Poland, Hungary, Czechoslovakia, France and Italy.