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The Economics Book by DK

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RG

IN CONTEXT

FOCUS

Economic systems

KEY THINKER

János Kornai (1928–)

BEFORE

1870 Economists William Jevons, Alfred Marshall, and Léon Walras focus on optimizing efficiency within budget constraints.

AFTER

1954 Gérard Debreu and Kenneth Arrow identify the conditions under which demand equals supply in all the markets of a competitive economy.

1991 The Soviet Union collapses and central planning ends.

1999 Economists Philippe Aghion, Patrick Bolton, and Steven Fries publish The Optimal Design of Bank-Bailouts, arguing that banks face a soft budget constraint.

After an initial dramatic rush of growth after World War II the centrally planned economies of Eastern ...

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