Autore
Colombatto, Enrico

Titolo
Is there an austrian approach to transition?
Periodico
International Center for Economics Research, Torino. ICER - Working papers series
Anno: 1999 - Fascicolo: 16 - Pagina iniziale: 1 - Pagina finale: 21

The paper discusses the meaning of the term "transition" and its implications for policy-making. Two extreme orthodox views are outlined. In particular, it is shown that both the institutional and the public-choice approaches address a set of important but misleading questions borrowed from the neoclassical tradition. It is suggested that an Austrian view would enhance a better understanding of what has been happening in Central and Eastern Europe in the past decade. Within this framework, the analysis should be based on three criteria: acquisition of knowledge, individual responsibility, free entry. The article leads to two main conclusions. First, future transition analysis should keep at bay all temptations in social engineering. Instead, more attention should be devoted to the way a number of subjectivistic features drive institution-al change. In addition, Western observers should focus on the features of the new opportunity sets made available to individuals, as well as on their freedom to choose. On this latter point, much remains to be done.



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