Systems, Institutions, and Values in East and West

Engaging with János Kornai’s Scholarship
$79.00 / €67.00 / £57.00
Publication date: 
232 pages, 20 charts and tables,

Leading social scientists, empirical analysts, and policy practitioners demonstrate the various ways in which the insights of János Kornai, a renowned early analyst and critic of the command economies of Eastern European communist states, are stirring academic and policy discus­sions about current challenges. While dissecting the economic theories and practices in the Soviet Bloc, Kornai devised and applied concepts such as soft-budget constraints, rush versus harmonic growth, surplus versus shortage economy, non-Walrasian equilibrium, bureaucratic coordination, and the invisible power of the communist party. These concepts are commonly applied to a variety of issues in the contexts of fundamental transformation. The cases discussed in this volume include the transitional paths of post-communist economies, the pitfalls of East European market-building, economic repercussions of the dissolution of Yugoslavia, and the process of integration in the Eurozone.

In conclusion János Kornai’s thoughts on a variety of research topics as well as the value of de­mocracy are included as he delivered at the conference celebrating his 90th birthday in 2018.

Dóra Piroska and Miklós Rosta
Engaging with János Kornai’s Scholarship: Systems, Institutions, and Values

Iván Szelényi
János Kornai’s Theory of Socialism

Gerard Roland
Thinking Capitalism with János Kornai

Péter Mihályi
The Theories of János Kornai and a Less-known Hungarian Economist, Ferenc Jánossy, on Unbalanced Economic Growth

Geoffrey M. Hodgson
Mistaking Markets: Seeing Markets Where They Do Not Exist

Bruno Dallago
The System Paradigm and the European Monetary Union: What János Kornai’s Contribution to Comparative Economics Can Suggest to the Eurozone

László Jankovics
Independent Fiscal Institutions: “New Kids on the Block” in Economic Policy

Éva Krenyácz
Modified Management Thinking in Health Care: The Impacts of Centralization and the Soft Budget Constraint

József Péter Martin
Resource Reallocation and Ambiguous Economic Performance in a Captured State: The Case of Hungary

János Kornai
About the Value of Democracy and Other Challenging Research Topics: Closing Remarks at the Conference on February 22, 2018

List of Contributors