Nature of Socialist Economics
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A01=Peter Murrell
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Applied economics
Author_Peter Murrell
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Balance of trade
Behavioral economics
Capitalism
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Commodity
Comparative advantage
Consumer Goods
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Diagram (category theory)
Econometric model
Econometrics
Economic data
Economic equilibrium
Economic forces
Economic interventionism
Economic planning
Economic policy
Economic Theory (journal)
Economics
Economics Letters
Economies of scale
Economist
Economy
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Estimation
Export performance
Export subsidy
Factor endowment
Factor price
Factor price equalization
General equilibrium theory
Good (economics)
Heckscher-Ohlin Model
Incentive
Inefficiency
Interest and Money
International economics
International trade
International trade theory
Investment goods
Language_English
Law of value
Macroeconomics
Marginal cost
Market (economics)
Market economy
Market socialism
Measures of national income and output
National Bureau of Economic Research
Neoclassical economics
New trade theory
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Pareto efficiency
Planned economy
Prediction
Preference (economics)
Price elasticity of demand
Price mechanism
Price support
Price system
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Product differentiation
Production function
Production-possibility frontier
Profit (economics)
Profit maximization
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Socialist economics
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Statistic
Supply (economics)
Technology
The General Theory of Employment
Total factor productivity
Utility
Value (economics)
Welfare economics
World economy
Product details
- ISBN 9780691635170
- Weight: 709g
- Dimensions: 178 x 254mm
- Publication Date: 19 Apr 2016
- Publisher: Princeton University Press
- Publication City/Country: US
- Product Form: Hardback
- Language: English
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What are the sources of the well-known differences in the performance of capitalist and socialist economic systems? Peter Murrell argues that the Schumpeterian model has far more power to answer this question than does the neoclassical theory generally used for that purpose. The neoclassical theory focuses on the absence of a price system and the inability of a centralized system to allocate resources efficiently, while the Schumpeterian model emphasizes the rigidity of institutions and policies in socialist economies and their lack of mechanisms either to create new institutions or to identify and to foster the growth of the most efficient organizations (including multinational corporations). In a work that will have profound consequences for the analysis of economic reform in socialist economies, Murrell compares the predictions of these two models against data summarizing foreign trade performance and finds the Schumpeterian model clearly superior. Combining international trade theory and econometric techniques, the author develops new methods of comparative economic analysis.
These methods provide new information on the values of eleven resource endowments implicit in trade, the degree to which the socialist countries fit standard models of trade, the effect of multinational corporations on trade, and myriad other features of economic performance. Originally published in 1990. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
