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The Hard Budget Constraint as the Pillar of the Economy

In: Comparative Economic Studies in Europe

Author

Listed:
  • Michael Keren

    (The Hebrew University of Jerusalem)

Abstract

The socialism-to-market transition is over but has left its marks on the transitioning economies. An important lesson of transition is the major effect of the hardness of the budget constraint on the process, the resulting economy, and the state. One should not overlook its ethical import: a hard BC means that you receive the fruits of your labor, pocket your earnings, and swallow your losses. Yet to be hard, the BC needs protection. Here the state’s vital role manifests in extreme differences in the success of transition in countries of very similar socialist economic structure: Eastern Europe vs. the FSU.

Suggested Citation

  • Michael Keren, 2021. "The Hard Budget Constraint as the Pillar of the Economy," Studies in Economic Transition, in: Wladimir Andreff (ed.), Comparative Economic Studies in Europe, edition 1, pages 57-72, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-030-48295-4_4
    DOI: 10.1007/978-3-030-48295-4_4
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