This paper discusses the pros and cons of a market economy. The paper claims that in East and Central European societies corruption is widespread, social disciplines and ethics are low, and demand for social justice is weak, therefore social disciplines and ethics should be restored for rolling back de facto briberies and corruption effecting government and semi-privatized institutions. Suggestions are made as to what the government should do to motivate people to play a more active role in business and social life.
From the Paper:
"In a standard neoclassical model of the economy, there are markets for everything, now and for the future; everybody knows everything, and they know the same things; and there are no public goods, no externalities, no transaction costs, and no increasing returns. Since under these assumptions the market generates the first best allocation of resources, state intervention, in any form or fashion, is but a transfer of income; in turn, transfers of income, by causing rates of return to diverge from the competitive allocation, reduce incentives and misinform about opportunities. So, in this case, the market wins round 1."
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