Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277454 
Authors: 
Year of Publication: 
2019
Citation: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 16 [Issue:] 3 [Year:] 2019 [Pages:] 318-326
Publisher: 
Edward Elgar Publishing, Cheltenham
Abstract: 
Kazimierz Łaski's first contributions to economics were on the theory of growth and equilibrium in the socialist economy. He gravitated in between Włodzimierz Brus, who argued that the economy could be brought into equilibrium through market mechanisms, and the most profound influence on Łaski, Michał Kalecki. In Kalecki's view, the socialist economy is brought into equilibrium by means of investment and an appropriate wage policy, determined by central planners. Markets and price mechanisms cannot bring about general equilibrium but function to distribute profits among enterprises in the economy. With cost minimisation, markets and prices in socialism, if left to themselves, generate similar deflationary tendencies to the ones that obtain under capitalism. The scope and significance of the price mechanism thus goes beyond its rather trivial application to market equilibrium.
Subjects: 
market socialism
central planning
price equilibrium
Kalecki
Łaski
Brus
JEL: 
B24
B31
D59
E11
P21
P22
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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