We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
SOVIET NATIONAL INCOME AND PRODUCT IN 1937. PART II: RUBLE PRICES AND THE VALUATION PROBLEM.
- Authors
Bergson, Abram
- Abstract
This article presents information on the Soviet national income and product for the year 1937. The different commodities entering into the national economic accounts are valued proportionately to the marginal utilities of these commodities to consumers. It is understood that in the case of investment goods future returns are discounted at consumers' time preference. Insofar as the relative marginal utilities of different commodities differ for different households, this standard yields as many measurements in "real" terms as there are households. The relative "real" values of any pair of commodities are inversely proportional to the relation of the marginal productivity of any given factor in the production of one of them to its marginal productivity in the production of the other. Insofar as the relative marginal productivities of different factors vary as between industries, this principle yields as many computations as there are factors, and each computation satisfies the stated requirement only for the factors to which it refers. This case, however, would be excluded by further well-known conditions concerning resource allocation.
- Subjects
SOVIET Union; NATIONAL income; FLOW of funds; CONSUMERS; HOUSEHOLDS; MARGINAL utility
- Publication
Quarterly Journal of Economics, 1950, Vol 64, Issue 3, p408
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/1884558