Against 'big bang' in economic transition: normative and positive arguments
从制度和系统角度提出反对在中央计划经济转型中实施‘大爆炸’实验的两类论据：资产估值困难与隐性合同积压问题，以及子系统调整速度不同步带来的风险，呼吁谨慎改革。
This paper puts forward two major sets of institutional and systems arguments against implementing the 'big bang' experiment in the transformation of centrally planned economies: (1) problems arising from the difficulties of establishing criteria for asset valuation in the transition and the large backlog of the 'implicit contracts of socialism' and (2) the danger of unleashing uncoordinated changes in subsystems that adjust at significantly different speeds. These arguments, covering both normative and technical considerations, are cast in a relatively broad framework and constitute an additional plea for caution against adventurism in the economic transition. (c) 1996 Academic Press Limited Copyright 1996 by Oxford University Press.