Socialist Investment Cycles: Analysis in Retrospect by Peter Mihályi

By Peter Mihályi

by Peter J. D. Wiles Professor Emeritus college of London There are varieties of writers of prefaces: the obliging and the disobliging. definitely Peter MiMlyi is aware the place to put me during this taxonomy. For the main half I write my very own beside the point reviews, yet there has been one act of gross interference: my insistence on some extent he had already quietly made, the larger balance of the construction of shopper items less than Communism even of nutrients, if we exclude undesirable harvests. the numerous Marxist and a few different students who wrote approximately Dr. Mih

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Krasovskii (1967 p. 49), a leading specialist in the field, who based his analysis on a sample of 200 thousand projects (including housing investtnents). He also showed that the relevant figure for industry was no more than 18 months. 0 Notes: Figures in < > indicate the number of ongoing projects. , housing estates, roads, etc. dI Other state investments Source: Own calculations, based on SE (various years) and KSH (1973) pp. 42,342. , 1980) confirmed the view, suggested above. It was found that the 30 largest industrial investment projects with a construction time of 4 years or more had accounted for no more than 13-15 per cent of total investment outlays (at current prices) between 1970-1977.

The study was published first in a Yugoslav journal, with ample references to data sources. It was not difficult for the reader to establish that industrial investment data for the GDR at constant prices were substituted by total investment figures, expressed at current prices. ) Two years later, essentially the same data set was used in the author's famous J EL article but all page references to sources were omitted. 34 1. 7 Investments in the sub-sectors of the economy as a proxy for GlNV. 76 German Oem.

2 Cycles or fluctuations? 15 question of fonnulation and not of substance. For these authors, cycle (Czechowski 1957, Kliszko 1967), V-shaped development (Liu 1958), M-shaped development (Bog<1r, 1986, 1989), uneven development (Notkin 1961), non-uniform growth (Minc, B. i 1980),jluctuation (Hoch et al. 1965) or disharmonious growth (Kupka 1983) all meant very much the same thing. Although they used a language that seemed somewhat cryptic to Western ears, partly because the authors had good practical reasons to be cautious and partly due to their Hegelian-Marxist training, their main message was straightforward in economic tennsand very unorthodox in a political sense.

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