Growth And Fluctuations Of Production In O.E.C.D. And East European Countries

Abstract

This essay presents empirical evidence to demonstrate that aggregate growth, retardation of growth, and fluctuations of growth are roughly the same in the capitalist, market economies of the O.E.C.D. as in the socialist, centrally administered economies of Eastern Europe. The major difference in the patterns of growth of the two sets of countries is that dynamic efficiency is greater in the market economies than in the centrally administered economies