He was born in Gdynia on 18 July 1950. He began working as a lecturer at the Faculty of Economics of the University of Gdansk in 1973; since 1992 he has been professor extraordinarius. He was visiting professor at the Center for Russian and East European Studies (CREES), University of Michigan, Ann Arbor (USA) in 1992-1995 and lecturer at the Central European University in 1998-2001.
In 1980s., he contributed to the underground political publications and published commentaries in The Wall Street Journal. Since 1988, he has cooperated with the editorial team of the quarterly Przegląd Polityczny. He also publishes articles and comments on economic matters in Rzeczpospolita and Gazeta Wyborcza daily newspapers. In 1999–2004 he was Chief Economist Bank Pekao S.A. In 2004–2010 he served as Member of the Monetary Policy Council of the National Bank of Poland. In March 2010 he was appointed member of the Economic Council to the Prime Minister.