IN CONTEXT
Economic systems
János Kornai (1928–)
1870 Economists William Jevons, Alfred Marshall, and Léon Walras focus on optimizing efficiency within budget constraints.
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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