This book, by a distinguished economist who has worked on transition since its beginning, is one of the first to present a unified analysis of transition. Transition in Central and Eastern Europe has led to a U-shaped response of output, that is, a sharp decline in output followed by recovery....

Incentives and Political Economy constructs a normative approach to constitutional design using recent developments in contract theory. It treats political economy as the study of the incentive problems created by the delegation of economic policy to self-interested politicians. Politicians are...