Michal Kalecki’s Contributions to the Theory and Practice of Socialist Planning

  • D. M. Nuti


Michal Kalecki’s contributions to the economics of socialism — less widely known but no less important than his pioneering contributions to the economics of capitalism — span the period 1946-70 and are affected by the development and performance of the Polish system, and coloured by his views on capitalist dynamics. These contributions comprise a coherent model of the socialist economy and its functioning, characterised by centralised economic planning and political decentralisation with a limited role for markets; a well-developed theory of socialist dynamics, emphasising exogenous constraints to growth and accumulation policy, which were neglected by Polish leaders with dramatic consequences; and a number of planning procedures and guidelines of practical use for the selection of investment projects, consumption planning and the construction of long-term plans.


Socialist Economy Golden Rule Consumption Good Full Employment Realisation Price 
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© Mario Sebastiani 1989

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  • D. M. Nuti

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