Transition in Eastern Europe

Gary Becker Discussions: Transition in Eastern Europe

How rapidly should former Eastern Bloc countries convert to free market economies? Considering, and sometimes debating this question, are Ronald Coase and Gary Becker, Nobel Economists at the University of Chicago. Becker explains why he advocates rapid transition, and considers such factors as political and public opposition, politicians' lack of economic knowledge, and how mere parts of a market system are better than none at all.