Regional Price Formation in Eastern Europe: Theory and by J.M. van Brabant

By J.M. van Brabant

This monograph offers an in depth exam of numerous concerns pertain­ ing to pricing within the context of the Council for Mutual monetary tips (CMEA), a designation that I a lot favor over Comecon. It situates itself in the contours of the pricing problematique that i've got lately analyzed as one part of the wider features of financial cooperation, basically one of the japanese ecu nations (see Chapters four and five of Brabant, 1987). The recommendation that I problematic intimately at the situations less than which costs for nearby alternate in the framework of the CMEA are decided was once 'strongly' instructed through an nameless referee of Brabant (1986b) and Josef Brada, the editor of magazine of Comparative Economics. either obviously felt that the relatively commodity-specific pricing concerns that i've got provided piecemeal in part a dozen articles or so on account that 1984 had remained too slim, mostly configured as they unavoidably have been via the empirical findings of workouts utilized to a small variety of commodities, as mentioned right here in bankruptcy 7. less than the situations, I observed little aspect in trying to set forth those in­ tricate matters in a complete framework. maybe the significant motivation used to be that a few of the local pricing matters within the CMEA have, quite often, remained fairly imprecise and intractable. they could be an important determinants in a few remoted instances, as i used to be attempting to make sure.

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Extra info for Regional Price Formation in Eastern Europe: Theory and Practice of Trade Pricing (International Studies in Economics and Econometrics)

Example text

Thus socialist prices have not been rational from the standpoint of fostering the efficient allocation of resources in general. Rather than assuring market clearing, particularly in the context of the traditional CPE, prices are subservient to nationwide planning. This is especially so for producer prices. Prices are also meant to ensure a greater degree of social equality and minimum welfare levels. This is particularly so in the case of retail prices. The rationality of prices in a PE must, therefore, be appraised against the background of the economic aims, development conditions, social priorities, development laws, the economic mechanism, or those factors and characteristics that set apart a typical PE from a standard ME.

There are, of course, a host of other 'rewards' that accompany pricing. As examined in more detail in Sections 3 and 4, except for the modest handicraft and free peasant markets, prices have never adequately reflected prevailing production and consumption opportunities as indicated by real economic scarcities. In order better to grasp this fundamental feature of the PE, a brief exposition of the various price tiers is warranted. 1. Price types Prices of producer goods are based on some average cost figures of the past.

But market forces reallocate the overall total of surplus value among different sectors until the rate of profit, which is defined below, tends to equality. As a result, the mutual relationships between conditions of production and conditions of exchange find their reflection in the operation of the law of value. In the final analysis, however, the conditions of production retain uncontested superiority and primacy over those influencing exchange on the market. The most direct relevance of value for the market price is through the value measure, whose fluctuations are mirrored in the production price.

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