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Product Market and Capital Market in the Light of the Experience of the Hungarian New Economic Mechanism

In: Market Forces in Planned Economies

Author

Listed:
  • Wlodzimierz Brus

    (University of Oxford)

  • Kazimierz Laski

    (University of Linz and Vienna Institute of Comparative Economic Studies)

Abstract

Economists are seldom — many would say never — lucky enough to have their theoretical propositions tested empirically in a way sufficient to pronounce on the validity of the theories. The ceteris paribus clause is usually the main culprit: ‘other things’ are simply not equal … We cannot pretend therefore that the experience of the Hungarian New Economic Mechanism (NEM) provides us with the decisive proof of the virtual impossibility of expecting product markets to operate properly without simultaneously opening up these markets for factors of production, especially the capital market. Nevertheless, the fact that most analysts of the experience of the Hungarian NEM point to this flaw in the 1968 blueprint as the major reason for the new system falling short of expectations has to be taken as an important point of departure both for practical thinking on reform and for theoretical considerations (or reconsiderations, as in our case).

Suggested Citation

  • Wlodzimierz Brus & Kazimierz Laski, 1990. "Product Market and Capital Market in the Light of the Experience of the Hungarian New Economic Mechanism," International Economic Association Series, in: Oleg T. Bogomolov (ed.), Market Forces in Planned Economies, chapter 2, pages 16-31, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11559-4_2
    DOI: 10.1007/978-1-349-11559-4_2
    as

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