Comparison of Economic Systems : Theoretical and Methodological Approaches

Comparison of Economic Systems: Theoretical and Methodological Approaches offers a profound exploration of the analytical frameworks and methodologies that define the field of comparative economics. Emerging from a University of Michigan research conference, the book charts the evolution of comparative economic systems as a discipline, initially focused on evaluating grand “isms” like capitalism and socialism. It shifts the focus toward a nuanced understanding of the traits, institutions, and decision-making mechanisms that influence economic behavior and performance across different systems. By examining theoretical models, such as those proposed by Koopmans, Montias, and Hurwicz, the volume highlights the interplay of variables like property relations, incentive structures, and resource allocation methods within mixed economic systems. The book seeks to bridge ideological labels with empirical data, fostering a more sophisticated analysis of economic systems in practice. This collection is not just an academic critique of economic ideologies but also a practical guide to comparing performance metrics like growth, efficiency, and stability across national economies. It delves into contemporary challenges, including decision-making in large bureaucracies, the role of public versus private ownership, and the impact of technological advancement on economic organization. With contributions from leading economists and case studies, such as Bergson's work on the Soviet Union and the United States, the book underscores the necessity of interdisciplinary approaches to refine the methodologies of comparative economics. It is an essential resource for economists and policy analysts seeking to understand the complexities of economic systems and their implications for global development. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1971.