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D. Mario Nuti Sapienza University of Rome

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The economics of institutions and comparative systems owes an enormous debt to János Kornai. This was well exemplified by Kornai (2014a), offering a synthetic characterization of socialism and capitalism, respectively, as shortage and surplus economies. I was very fortunate, over the last fifty years, to have had many opportunities to meet him and to talk to him, and to discuss these issues directly with him. János can be very persuasive, and over the years I have somewhat converged towards his views, but in this essay, I am going to rehearse one residual major disagreement on the shortage economy, and three reservations on capitalism as the surplus economy which, after discovering from talking to him that he was in basic sympathy with them, I have downgraded to qualifications.

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  • Berliner, J. S. (1957): Factory and Manager in the USSR. Harvard University Press.

  • Culberston, W. P.Amacher, R. C. (1972): Inflation in the Planned Economies: Some Estimates for Eastern Europe. Southern Economic Journal, 45(2): 380391.

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  • Dirksen, E. (1981): The Control of Inflation: Errors in the Interpretation of CPE Data. Economica, 48 August.

  • Garvy, G. (1977): Money, Financial Credit and Financial Flows in the Soviet Union. Cambridge Mass.: Ballinger.

  • Gomulka, S. (1985): Kornai’s Soft Budget Constraint and the Shortage Phenomenon: A Criticism and Restatement. Economics of Planning, 19(1): 111.

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  • Hardoon, D.Fuentes-Nieva, R.Ayele, S. (2016): An Economy for the 1%: How Privilege and Power in the Economy Drive Extreme Inequality and How This can be Stopped. Oxfam, http://Oxf.Am/Znis

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  • Holzmann, F. D. (1960): Soviet Inflationary Pressures, 1928-57, Causes and Cures. Quarterly Journal of Economics, 74: 167188.

  • Kornai, J. (1959): Overcentralisation in Economic Administration. Oxford: Oxford University Press.

  • Kornai, J. (1979): Resource-Constrained versus Demand-Constrained Systems. Econometrica, 47(4): 801819.

  • Kornai, J. (1980a): The Economics of Shortage. Amsterdam: North Holland.

  • Kornai, J. (1980b): ‘Hard’ and ‘Soft’ Budget Constraint. Acta Oeconomica, 25(3-4): 231246.

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  • Kornai, J. (1992): The Socialist System: The Political Economy of Communism. Princeton University PressOxford University Press.

  • Kornai, J. (1995): Eliminating the Shortage Economy: A General Analysis and Examination of the Development in Hungary. Part 1. The Characteristic of Shortage: The Conceptual Framework. Economics of Transition, 3(1): 1337.

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  • Kornai, J. (1995): Eliminating the Shortage Economy: A General Analysis and Examination of the Development in Hungary. Part 2. The End of Shortages: An Assessment. Economics of Transition, 3(2): 149168.

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  • Kornai, J. (2008): From Socialism to Capitalism: Eight Essays. Budapest – New York: Central European University Press.

  • Kornai, J. (2013): Dynamism, Rivalry, and the Surplus Economy – Two Essays on the Nature of Capitalism. Oxford University Press.

  • Kornai, J. (2014a): Shortage Economy – Surplus Economy. Paper Presented at the WINIR Conference, Greenwich, 11–14 September.

  • Kornai, J. (2014b): A puha költségvetési korlát (The Soft Budget Constraint). Válogatott Művek, 4. kötet (Selected Works, Vol. 4), Pozsony: Kalligram.

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  • Kornai, J. (2014c): The Soft Budget Constraint. Acta Oeconomica, 64(S1): 2579. http://www.kornai-janos.hu/Kornai2014_SBC_-_Acta.pdf

  • Kornai, J. (2016): The System Paradigm Revisited –Clarifications and Additions in the Light of Experiences in the Post-Socialist Region. Acta Oeconomica, 66(4): 547596.

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  • Kremer, M.Maskin, E. (2014): Globalisation and Inequality. Mimeo, Harvard University. http://www.hse.Ru/Data/624/768/1238/Maskin.Pdf

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  • Mazzucato, M. (2013): The Entrepreneurial State – Debunking Public versus Private Sector Myths. London – New York – Dehli: Anthem Press. An Earlier Pamphlet on the Subject, Demos, London 2011. https://www.demos.co.uk/files/Entrepreneurial_State_-_web.pdf.

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  • Micklethwait, J.Wooldridge, A. (2014): The Fourth Revolution: The Global Race To Reinvent The State. Penguin Press.

  • Nuti, D. M. (1986): Hidden and Repressed Inflation in Soviet-Type Economies: Definitions, Measurements and Stabilization. Contributions to Political Economy, 5(1): 3782. http://cadmus.eui.eu/handle/1814/23103. Reprinted in: Davis, C.Charemza, W. (eds) (1989): Models of Disequilibrium and Shortage in Centrally Planned Economies. London – New York: Chapman and Hall.

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  • Nuti, D. M. (2012): Did We Go about Transition in the Right Way? In: Hare, P.Turley, G. (eds): The Economics and Political Economy of the Transition. London: Routledge Handbooks. https://Docs.Google.Com/File/D/0b4c7ek01z6a4owx1uxbpzwtpzza/Edit.

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  • Nuti, D. M. (2014): Austerity versus Development. In: Kolodko, G. W. (ed.): Management and Economic Policy for Development. Hauppauge, New York: Nova Science Publishers, pp. 202220. https://files.acrobat.com/a/preview/27a856d0-aeb8-4869-a952-7f5793b4738d

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  • Piketty, T. (2014): Capital in the Twenty-First Century. Cambridge Mass. London: Harvard University Press.

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Editors-in-Chief: István P. Székely, Dóra Győrffy

Editor(s): Judit Kálmán

Associate Editors

  • Péter Benczúr, Joint Joint Research Center, European Commission
  • Dóra Benedek, International Monetary Fund
  • Balázs Égert, OECD
  • Dániel Prinz, World Bank
  • Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

Editorial Board

  • Anders Åslund, Georgetown University and Advisory Council of CASE, USA
  • István Benczes, Corvinus University of Budapest, Hungary 
  • Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
  • Fabrizio Coricelli, University of Siena, Italy
  • László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
  • Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
  • Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
  • Martin Kahanec, Central European University, Austria
  • David Kemme, University of Memphis, USA
  • Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
  • Péter Mihályi, Corvinus University of Budapest, Hungary
  • Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu

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Acta Oeconomica
Language English
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1966
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ISSN 0001-6373 (Print)
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