Growth Deceleration And Transaction Costs: A Note

Document Type

Article

Publication Date

9-1-1994

Published In

Journal Of Economic Behavior And Organization

Abstract

The basic hypothesis of this essay is that the bureaucratic nature of the planned economies of East Europe meant that they were more vulnerable to the rising transaction costs associated with economic development than market economies. If true, this suggests that these nations revealed a greater deceleration of economic growth than in the market economies of the West. Empirical evidence is provided to demonstrated that such a phenomenon did, in fact, occur.

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