Overview

This book examines the intellectual legacy of economist Janos Kornai and explores his unique contribution to economics. It addresses the key themes within Kornai’s work and shows how his ideas relate to the leading figures within economics. After highlighting the influence of Marx and Hayek on Kornai, his major contribution to comparative economics and analysis of capitalist and socialist economic systems is examined. How they fed into his conceptualization of hard and soft budget constraints and complemented his work on economic theory, in particular debates around Walrasian and Marshallian equilibrium theory, is also discussed. This book offers insight into the work of Janos Kornai and his impact upon economics. It will be of relevant to students and researchers interested in the history of economic thought and comparative economics.

Full Product Details

9783031832383

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Reviews

“Kornai (1928–2021), a Hungarian economist who eventually joined the faculty at Harvard, is best known for his work on socialist economic systems, and as a part of that work, the development of the con­cept of the soft budget constraint (SBC). He wrote 12 books and more than 200 articles, so for readers interested in Kornai’s ideas, this volume offers a good introduction.” (Randall G. Holcombe, Public Choice, September 24, 2025)

Author Information

Mehrdad Vahabi is Professor of Economics at University Sorbonne Paris Nord.

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