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Discussion of the Paper by Professor Domar and Mr Siegel

In: Planning and Market Relations

Author

Listed:
  • Michael Kaser

    (St Antony’s College)

  • Richard Portes

    (Princeton University)

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.

Suggested Citation

  • Michael Kaser & Richard Portes, 1971. "Discussion of the Paper by Professor Domar and Mr Siegel," International Economic Association Series, in: Michael Kaser & Richard Portes (ed.), Planning and Market Relations, pages 75-79, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-15410-4_6
    DOI: 10.1007/978-1-349-15410-4_6
    as

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