Can Neoclassical Economics Underpin the Reform of Centrally Planned Economies

@article{Murrell1991CanNE,
  title={Can Neoclassical Economics Underpin the Reform of Centrally Planned Economies},
  author={P. Murrell},
  journal={Journal of Economic Perspectives},
  year={1991},
  volume={5},
  pages={59-76}
}
  • P. Murrell
  • Published 1991
  • Economics
  • Journal of Economic Perspectives
This paper addresses whether neoclassical economics can provide the intellectual underpinning for a theory of reform. I examine whether the neoclassical model satisfies an essential condition to qualify for this role: does it give us a satisfactory explanation for the vast differences in performance between capitalist and socialist economic systems? First, I focus on the theoretical arguments that have traditionally been used to examine the comparative properties of central planning and markets… Expand
170 Citations

Tables from this paper