Chapter 17 - Transition Economies Flashcards
distortion
in the transition setting, usually refers to differences in structure and allocation of resources when, for example, command economic systems are compared to market economic systems and similar levels of economic development
environmental factors
factors such as resource endowments arguably likely to influence resource allocation in economics systems
time lags
the time that elapses from the development of a policy measure, the implementation of that measure, and changes in real world outcomes resulting from this policy measure
structural distortion
differences in sectoral structures, for example, an emphasis on heavy industry, when former command systems are compared to market economic systems