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The Soviet Economic Decline*

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Author

Listed:
  • Easterly, William
  • Fischer, Stanley

Abstract

Soviet growth from 1960 to 1989 was the worst in the world after we control for investment and human capital; the relative performance worsens over time. There is some evidence that the burden of defense spending modestly contributed to the Soviet debacle. The declining Soviet growth rate from 1950 to 1987 can be accounted for by a declining marginal product of capital with a constant rate of growth of total factor productivity. The Soviet reliance on extensive growth (rising capital-to-output ratios) was no greater than that of market economies, such as Japan and the Republic of Korea, but a low elasticity of substitution between capital and labor implied especially acute diminishing returns to capital compared with the case in market economies. Copyright 1995 by Oxford University Press.

Suggested Citation

  • Easterly, William & Fischer, Stanley, 1995. "The Soviet Economic Decline," The World Bank Economic Review, World Bank, vol. 9(3), pages 341-371, September.
    • Handle: RePEc:oup:wbecrv:v:9:y:1995:i:3:p:341-71
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    Replication

    This item has been replicated by:
  • Brendan K. Beare, 2008. "The Soviet Economic Decline Revisited," Econ Journal Watch, Econ Journal Watch, vol. 5(2), pages 135-144, May.

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    1. The Soviet Economic Decline (WBER 1995) in ReplicationWiki

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