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.


Producer Price Price System Price Determination Socialist Country Retail Prex 
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Copyright information

© J. Wilczynski 1973

Authors and Affiliations

  • J. Wilczynski
    • 1
    • 2
  1. 1.Royal Military College of AustraliaDuntroonAustralia
  2. 2.University of New South WalesAustralia

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