The contribution of economics to the study of transformations has been dominated by the assumptions and methods of neoclassical economics. Use of statistical methods to compare countries and time periods have provided some very broad generalizations, but at the expense of ignoring many important differences between cases. Regression analysis is ill-suited to analysing highly complex processes in a small numbers of cases. Attempts to measure progress in post-socialist countries towards accepted features of market economies have provided only partial pictures, suffering from failure to include satisfactorily historical and institutional factors. This applies to the European Bank for Reconstruction and Development’s Transition Indicators and to attempts to measure the effects of privatization in those countries. Institutional and evolutionary approaches to economics have allowed recognition of the complexity of transformations and of the impact of non-economic factors on economic developments.
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