Homo economicus in the post-socialist transition: looking for the most appropriate theoretical tools
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Date
2014-02-21
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ДВНЗ «Київський національний економічний університет імені Вадима Гетьмана»
Abstract
In the recent decades the limitations of the neoclassical economics have been increasingly analysed. The criticism primarily tackles its assumptions on the rationality of atomised actors, efficient markets, availability of perfect information, and static foundations. Postsocialist transition additionally questioned straightforwardness of Western economists applying neoclassical tools. It became evident that other factors like institutions and values need to be included and thoroughly researched. At the same time, other approaches to analysis, often including findings from other social sciences, have been taken into account as more appropriate. This paper draws on the Eastern European transformation experience and focuses on the theoretical support that has been provided since the 1990s. Institutional analysis proved to be very adequate tool for the exploration of persistence of informal constraints and their interaction with the formal ones. Certain aspects of convergence of New Institutional Economics and New Economic Sociology appear to be very insightful for the observation of transitional reforms. Furthermore, ex post analyses clearly recommend the Evolutionary Institutionalist Perspective that was for a long time neglected by the Washington Consensus proponents despite the Post-Washington Consensus ideas. Finally, even though the theory on the transition processes is still in its development, it has become evident that economics as a discipline benefited through transition processes.
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Keywords
post-socialist transition, eastern Europe, new Institutional economics, new economic sociology, political economy
Citation
Banović R. Š. Homo economicus in the post-socialist transition: looking for the most appropriate theoretical tools / Ružica Šimić Banović // Формування ринкової економіки : зб. наук. пр. / М-во освіти і науки України, ДВНЗ "Київ. нац. екон. ун-т ім. Вадима Гетьмана" ; [відп. ред. О. О. Бєляєв]. – Київ : КНЕУ, 2014. – Вип. 31. – С. 89–115.