Efficiency of Investment in a Socialist Economy by Mieczyslaw Rakowski

By Mieczyslaw Rakowski

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Therefore, the ratio between the unit production costs in a given plant and the mean unit costs in the entire branch of production and in the entire economy increases gradually with the operation9. Both of these factors can be calculated approximately. We • Strictly speaking, the costs in a given plant must also change. They will be affected by improvements, rationalization of the production process, mo­ dernization and reconstruction of the machines and installations, etc. In a plant which is already in operation, however, the opportunities in this respect are limited, whereas in the construction of new plants we can make full use of the latest achievements of technology.

One connected with production designed to reduce imports — if foreign-exchange raw materials are necessary for such production. We can go even further. Assuming, naturally in a theoretical manner, that the development of the domestic raw material base necessary from the point of view of the given production is replaced by the import of the necessary raw materials, 32 EFFICIENCY OF INVESTMENT we can considerably simplify the calculation of indirect invest­ ments (both investment outlays and operating costs).

A thermal power station, where electricity and heat are produced at the same time, is a similar case. Apart from that similarity, both of the foregoing examples differ from one another in a very important respect, and as a result they require different methodological approaches. e. in condensing power stations and regional heating plants. There is, therefore, a scale of comparison here: the investments in a combined system can be compared with the investments in the divided system, and so we can divide the outlays in the combined system for the different products in proportion to the outlays for these products in the divided system.

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