Value and price theory in Eastern Europe

Abstract

The socioeconomic system of an ME is by definition essentially anchored to properly functioning markets. These are axiomatically presumed to embody a natural tendency to generate equilibrium. For example, if structural adjustments in such a market system are required at all, remedial measures will not be aimed at the symptoms of the imbalances. Instead, the objective is to rectify whatever has been inhibiting the tendency embodied in the market system to return autonomously to domestic and external balance within a reasonable period of time. There may be good social or other reasons to interfere in some cases with that mechanism. Even so, the market is held at all times to be the pivotal reference point in order to attain the highest level of static and dynamic efficiency.