Michal Kalecki's Contribution to the Theory and Practice of Socialist Planning

D M Nuti

Cambridge Journal of Economics, 1986, vol. 10, issue 4, 333-53

Abstract: Four main contributions are singled out and discussed: a comprehensive model of organization alternative to both the Soviet and Oskar Lange's models, with mark-up pricing related to the needs of investment finance, quantity adjustments, net value indicators, full employment, and workers' control; atheorization of external and political limits to planners' accumulation policy; rationalization of Soviet-type investment selection practice, with multiple but similar shadow interest rates governing technical choice but not the path of expansion; and a practical procedure for drawing perspective plans for investment and long-run development. These contributions are shown to be related to Polish conditions in the 1960s and to require qualifications which reduce their generality but not their relevance either there and then or elsewhere today. Copyright 1986 by Oxford University Press.

Date: 1986
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