This paper examines the role of money in market and centrally planned economies. It then proposes a program and sequence of institutional, macroeconomic and monetary reform aimed at achieving a stable transition. An egalitarian redistribution of the state's custodial assets to its citizens is...

The Soviet Union and the nations of Eastern Europe are undergoing a historically unprecedented restructuring as they move inexorably from centrally planned economies toward market economies. This historic transition must be guided by a coherent set of stabilization policies to reduce the threat...

This paper examines the question of whether a communist nation, characterized by state ownership of the means of production and a centrally planned command system of allocation can be transformed into an efficient market oriented economy without fully compromising the socialist ideals of an...

This paper decomposes the large regression residuals of income across 84 U.S. Native American economies (USNAEs) into Solow and Solow-like parts. Decomposition is accomplished algebraically. The calculations find a weak to negative correlation between income and Solow residuals, and a strong...

In developing countries, microfinance has been the darling of the development community, and in developed countries, microfinance fits well with Third Ways ideas. What are the challenges and opportunities for the attempt to replicate microfinance in the United States? This paper attempts to...

We propose that asset accumulation occurs in three stages. In the first stage (reallocation), current resource inflows must exceed current outflows. To meet this objective, people reallocate resources from current consumption, current leisure, or future consumption or leisure. In the second...

Sparked by examples from the third world, hundreds of microenterprise programmes have been started in the first world. Will they be successful? This paper reviews the evidence and concludes that microenterprise development is more difficult in the first world. For example, the microenterprise...

Institutions either promote or constrain economic performance, but which part of institutions does so, and why do economies sharing similar institutions sometimes perform differently? This paper applies a novel model that is capable of separating infrastructural and superstructural effects of...

This paper decomposes the large regression residuals of income across 84 U.S. Native American economies (USNAEs) into Solow and Solow-like parts. Decomposition is accomplished algebraically. The calculations find a weak to negative correlation between income and Solow residuals, and a strong...

Microenterprise programs attempt to help poor people start or strengthen small businesses. Funding and political support has grown rapidly. Is microenterprise a good use of scarce development funds? Unfortunately, most evaluations have been case studies in what not to do. Because benefits and...