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The soviet industrialization hitting a wall…

Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

8 comments

  1. Ілля Ветров

    But the soviet system was innovating before the 70ies. And even then the USSR produced more innovation than all other post-Soviet countries combined. The real question here is why the USSR still couldn't compete with "muh western world", especially during the last 20 years of its existence.

    P.S.: I didn't expect some Acemoglu levels of brainrot from professor Steven Keen. It was disappointing, really…

    • Then maybe you should consider that a 20 second sound bite doesn't cover the full analysis! Here's some additional readings for you–from Janos Kornai, the genius maverick economists whose work I was paraphrasing:

      https://www.jstor.org/stable/1914132#metadata_info_tab_contents (this one is not behind a paywall–first reference shown below).

      If you want to understand further, try these references:

      Kornai, J. (1979). "Resource-Constrained versus Demand-Constrained Systems." Econometrica 47(4): 801-819.

      Kornai, J. (1980). "'Hard' and 'Soft' Budget Constraint." Acta Oeconomica 25(3-4): 231-245.

      Kornai, J. (1986). "The Soft Budget Constraint." Kyklos 39(1): 3-30.

      Kornai, J. (1990). Economics of shortage. Amsterdam, North-Holland.

      Kornai, J. and J. W. Weibull (1978). "The Normal State of the Market in a Shortage Economy: A Queue Model." Scandinavian Journal of Economics 80(4): 375-398.

    • @ProfSteveKeen Why are you even producing 20 second soundbites for topics you know are inherintly complex?

    • @Mathew Harris In part because they're getting the attention that longer ones don't! It's also part of a marketing company's successful campaign to market lectures by me where I go into deep detail on these topics.

  2. Very interesting. I remember reading a history journal article which talked about how Stalin's Great Terror acted as an alternative incentive system, which prevented both strikes and corruption (albeit at enormous cost to the populace).

  3. Alpinism Utilitar

    same in Romania Total Factor Productivity Index on FRED site; long boom and long crash of a generation.

  4. А можно текст))

  5. Yah but Steve = Russia is STILL industrialized and is one of the FEW countries which can wage industrial war. Go look?

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