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No modern economy can escape open unemployment as long as free labour and a free labour market exist. In any modern economy, there exists a tension between econ

Transition in Central and Eastern Europe has led to a U-shaped response of output: a sharp decline in output followed by recovery. Most of the countries of Cent

As the longest economic boom in history has given way to leaner times, unemployment has re-emerged as a major issue. This theoretically and empirically sophisti

Hungarian economist Janos Kornai first used the metaphor of a single path to postsocialist transition in his earlier book, The Road to a Free Economy. The new m