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Towards A New Transition Economics, Katharina Pistor

Katharina Pistor

In these brief comments I take issue with the thesis expressed in Konstantin Sonin’s conference review that economic transition is a thing of the past. To the contrary, I argue that it has only just begun and so has the process of rethinking the economic theories and models that have framed the subfield of transition economics. Specifically, I point out that the many surprises economists have encountered when confronted with the actual results of the transition process reveal deeper flaws in the analytical framework that informs their analyses and policy prescriptions. If protecting theories and models is of first order …