December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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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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