Russia's Economic Recovery Potential: Optimizing the Residual Productivity of the Soviet Capital Stock

Steven Rosefielde

Comparative Economic Studies, 1994, vol. 36, issue 4, 119-142

Abstract: Russia is in the midst of a severe economic depression. Its recovery potential depends on the properties of the new economic system, foreign assistance, and the residual production potential of the capital stock inherited from the Soviet Union. This paper demonstrates that the production potential of the Soviet capital stock was high, although its comparable worth on the international market was low. Also, stochastic production frontier function studies show that Soviet managers were reasonably competent. It is inferred from this evidence that the residual productivity of the Soviet capital stock is not being adequately harnessed by its managers for systemic and policy reasons, and that this missed opportunity for rapid recovery should be rectified.

Date: 1994
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