The Failure of Economic Planning: The Role of the Fel’dman Model and Kalecki’s Critique

Peter Kriesler and Geoffrey Harcourt

Chapter 1 in Michał Kalecki in the 21st Century, 2015, pp 9-28 from Palgrave Macmillan

Abstract: Abstract In the 1920s, Soviet economists began to develop growth theory with the specific aim of facilitating the planning of their economy. Their work differed from that of most 20th-century economists because it was not aimed at academic economists but, rather, at politicians, bureaucrats and others involved in the machinery of planning. This meant that, although the work was often not as technical as the authors may have liked, it strongly related to the actual economy that they were attempting to model.

Keywords: Capital Stock; National Income; Capital Good; Heavy Industry; Consumption Good (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pshchp:978-1-137-42828-8_2

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DOI: 10.1057/9781137428288_2

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