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Prices and Profits

In: Profit, Risk and Incentives under Socialist Economic Planning

Author

Listed:
  • J. Wilczynski

    (Royal Military College of Australia
    University of New South Wales)

Abstract

An indispensable condition for enterprise profit to be indicative of efficiency is that prices must be rational, in the sense of reflecting cost-preference relations. This has hardly been the case in the Socialist countries, and certainly it was not so before the economic reforms. In each country price determination was highly centralized — it was vested in the hands of the Council of Ministers and the State Price Planning Commission.

Suggested Citation

  • J. Wilczynski, 1973. "Prices and Profits," Palgrave Macmillan Books, in: Profit, Risk and Incentives under Socialist Economic Planning, chapter 4, pages 81-109, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-01442-2_4
    DOI: 10.1007/978-1-349-01442-2_4
    as

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