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Kazimierz Å aski and the scope and significance of the price mechanism

Author

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  • Jan Toporowski

    (SOAS University of London, UK)

Abstract

Kazimierz Šaski'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 Šaski, 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.

Suggested Citation

  • Jan Toporowski, 2019. "Kazimierz Å aski and the scope and significance of the price mechanism," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 16(3), pages 318-326, December.
    • Handle: RePEc:elg:ejeepi:v:16:y:2019:i:3:p318-326
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    More about this item

    Keywords

    market socialism; central planning; price equilibrium; Kalecki; Å aski; Brus;
    All these keywords.

    JEL classification:

    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D59 - Microeconomics - - General Equilibrium and Disequilibrium - - - Other
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P22 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Prices

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