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The great Hungarian economist János Kornai, who passed away in October 2021, was a pioneering analyst of shortages, socialist economies and the economics of transition to a market economy. This column outlines what made him one of the most important intellectuals of the twentieth century.
Confronting the unemployment conundrum requires government, private sector and unions to work together 26 May 2021 Having faith that market forces alone will create full employment under an enabling environment is a pipe dream. A wage subsidy programme is a good place to start tackling joblessness. (Oupa Nkosi) The British economist John Maynard Keynes taught us many things about unemployment and economics. He demonstrated that it is not true that markets work perfectly all the time. Put differently, we learn for the first time through his works in the 1930s that full employment cannot be ach...