J. Kornai

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János Kornai is a renowned Hungarian economist known for his extensive work on economic systems, particularly in the context of socialism and transition economies. His groundbreaking theories have significantly influenced the understanding of economic mechanisms in post-socialist countries. Kornai's notable contributions include the concept of 'soft budget constraint,' which explains how firms in centrally planned economies often rely on state support, leading to inefficiency and a lack of accountability. This insight has been pivotal in shaping economic policies in transitioning nations.