ARTICLES:
Epistemological Imperfections of Transformational Processes in Transitive Countries
Issue: 2:1 (The fifth issue)
From the epistemological point of view policymakers in transitional economies operated in the severely distorted information environment. Neither theorists or decision makers paid attention to the problem of economic calculation that was an integral part of a centrally planned economy and its immediate institutional followers in transition. Interventionists (political and government employees) made investment, production and redistribution decisions based on their subjective judgment and preferences trying to perform cyclical or countercyclical policy.