VON NEUMANN'S MODEL AND SOVIET LONG‐TERM (PERSPECTIVE) PLANNING

George Morton and Alfred Zauberman

Kyklos, 1969, vol. 22, issue 1, 45-61

Abstract: The first to draw Soviet economists’ attention—in the early ‘sixties’—to the von Neumann model, hitherto unknown in, and indeed alien to Soviet economics, was Nemchinov. The subject was taken up by several writers: of particular interest is the impact of the construct on the model of'dynamic planning’ designed by Kantorovich and Makarov; this is the theme of the present article. MORTON and Zauberman start from a discussion of the von Neumann‐type equilibrium in a long term economic plan. They then turn to several specific issues which have been for some time focal in Soviet planning thought and analyse the significance for them of the von Neumann model. These are in particular the nexus between the pace of the economy's growth and investment efficiency—traditionally recognized as central in the advance for Soviet economy; further the problems of efficiency and profit rates and in general the efficiency parameters (pricing). The authors also discuss the quest for an optimality criterion—from the angle of their theme. The article concludes with precepts for the planner as influenced by the VON Neumann ideas.

Date: 1969
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