Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/175519
Authors: 
Vonyó, Tamás
Klein, Alexander
Year of Publication: 
2017
Series/Report no.: 
School of Economics Discussion Papers 1708
Abstract: 
We present new investment data and revised growth accounts for three socialist economies between 1950 and 1989. Government statistics reported distorted measures for both the rate and trajectory of productivity growth in Czechoslovakia, Hungary, and Poland. Researchers have benefited from revised output data, but continued to use official statistics on capital input, or estimated capital stock from official investment data. Investment levels and rates of capital accumulations were, in fact, much lower than officially claimed and over-reporting worsened over time. Sluggish factor accumulation, declining equipment investment and labor input, contributed much more to the socialist growth failure of the 1980s than previously thought.
Subjects: 
growth accounting
capital accumulation
Socialism
Eastern Europe
JEL: 
N14
N64
O47
P27
Document Type: 
Working Paper
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