Discussion of the Paper by Professor Domar and Mr Siegel

Michael Kaser and Richard Portes
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Michael Kaser: St Antony’s College
Richard Portes: Princeton University

A chapter in Planning and Market Relations, 1971, pp 75-79 from Palgrave Macmillan

Abstract: Abstract Opening the session on the Domar-Siegel paper, Professor Bajt said that his comments were really in the nature of a complementary paper on instability under planning. On the evidence, it seemed that as soon as some elements of a market were introduced into a centrally planned economy, it became unable to cope with instability. The Yugoslav economy was a ‘socialist market’ economy, in which there were three main aspects of instability: investment cycles, ‘short cycles’ and inflation. Investment cycles had been common to all Eastern European countries (except the U.S.S.R.), and they seemed to be a consequence simply of bad planning. It was therefore not surprising that as experience had improved planning, the amplitude of the cycles had diminished over time; he expected them eventually to disappear.

Keywords: Monetary Policy; Fiscal Policy; Stabilisation Policy; Credit Policy; Income Policy (search for similar items in EconPapers)
Date: 1971
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-15410-4_6

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DOI: 10.1007/978-1-349-15410-4_6

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