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Price Decontrol: The Microeconomic Case for the 'Big Bang' Approach

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  • Boycko, Maxim

Abstract

The paper presents the microeconomic case for rapid and comprehensive price decontrol as the appropriate first step in the transition to the market. To make our point, we consider the likely impact of the "big bang" price decontrol on a (former) socialist economy, with particular attention to the welfare consequences for the consumer of eliminating shortages and queues, the costs of monopoly power of state enterprises, the possibility of major disruptions in the intermediate goods markets, and the politico-economic issues involved. Copyright 1991 by Oxford University Press.

Suggested Citation

  • Boycko, Maxim, 1991. "Price Decontrol: The Microeconomic Case for the 'Big Bang' Approach," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 7(4), pages 35-45, Winter.
    • Handle: RePEc:oup:oxford:v:7:y:1991:i:4:p:35-45
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    Cited by:

    1. Ichiro Iwasaki & Taku Suzuki, 2016. "Radicalism Versus Gradualism: An Analytical Survey Of The Transition Strategy Debate," Journal of Economic Surveys, Wiley Blackwell, vol. 30(4), pages 807-834, September.
    2. Pavlos KARADELOGLOU, 1998. "Agricultural Prices In Bulgaria: Did Transition Create Structural Breaks?," The Developing Economies, Institute of Developing Economies, vol. 36(2), pages 178-202, June.
    3. Colombatto Enrico, 1992. "The Integration Of The East And The Options For The West," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 3(2-3), pages 273-288, June.

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