COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
AT YALE UNIVERSITY

Box 208281
New Haven, CT 06520-8281

COWLES FOUNDATION DISCUSSION PAPER NO. 969

"Economic Equilibrium and Soviet Economic Reform"

Herbert E. Scarf

February 1991

The paper, prepared for a Roundtable on Major Economic Problems in the U.S. and the U.S.S.R., discusses some aspects of price theory — in particular, the theory of general equilibrium — which may offer some theoretical insights about the economic problems to be encountered during the transition from Socialism to private markets in the Soviet Union.

Keywords: Socialism, scale economies, general equilibrium, market structures, prices, price theory

JEL Classification: P22, P23, P51