The Formation of Economic Perceptions in Post-Communist Countries of East Central Europe

The Formation of Economic Perceptions in Post-Communist Countries of East Central Europe In the early transition phase in post-communist Europe, citizens’ perceptions of the national economy appeared more favorable than objective economic indicators would suggest. With triple and quadruple digit annual inflation rates and a severe economic contraction, there was a substantial portion of the population in these countries who still thought that the national economy had been and would be improving. Thus, sociotropic economic perceptions in the wake of the democratic transformation appeared to be disconnected from the real economic situation. The purpose of this paper is threefold. First, it explores the link between objective economic indicators and public evaluations of the economy. Second, it investigates the microfoundations of economic perceptions. And finally, it tests a well-established proposition that political sophisticates are more accurate in their perceptions than their less informed counterparts. The findings of the study can be generalized to any political and economic system undergoing transition. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Political Behavior Springer Journals

The Formation of Economic Perceptions in Post-Communist Countries of East Central Europe

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Publisher
Springer US
Copyright
Copyright © 2011 by The Author(s)
Subject
Political Science and International Relations; Political Science; Sociology, general
ISSN
0190-9320
eISSN
1573-6687
D.O.I.
10.1007/s11109-011-9160-2
Publisher site
See Article on Publisher Site

Abstract

In the early transition phase in post-communist Europe, citizens’ perceptions of the national economy appeared more favorable than objective economic indicators would suggest. With triple and quadruple digit annual inflation rates and a severe economic contraction, there was a substantial portion of the population in these countries who still thought that the national economy had been and would be improving. Thus, sociotropic economic perceptions in the wake of the democratic transformation appeared to be disconnected from the real economic situation. The purpose of this paper is threefold. First, it explores the link between objective economic indicators and public evaluations of the economy. Second, it investigates the microfoundations of economic perceptions. And finally, it tests a well-established proposition that political sophisticates are more accurate in their perceptions than their less informed counterparts. The findings of the study can be generalized to any political and economic system undergoing transition.

Journal

Political BehaviorSpringer Journals

Published: Mar 18, 2011

References

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