A Tale of Two Reforms
指出转型经济中产品市场缺失是大爆炸改革初期产出下降的充分条件，而中国式改革通过保留中央计划但允许企业超产销售，激励企业扩大产出。
I identify the absence of well-functioning product markets in transition economies as a sufficient condition under which big bang reduces output initially, while a Chinese-style reform increases output. Big bang dismantles central planning or centralized organization of production, permitting monopolistic and vertically interdependent enterprises to pursue their own monopoly profits by restricting output and inter-firm trade to the detriment of the economy as a whole. The Chinese reform, by maintaining central planning but allowing enterprises to produce for the emerging product markets after they have fulfilled their output quotas under planning, gives enterprises incentives to expand output beyond planned targets.