The Rate of Growth and the Rate of Interest in the Socialist Economy

I should like to dedicate this book to the memory of my teacher Michat Kalecki. It was my good luck to work and to be on friendly terms with him for many years including the time when his theory of growth of the socialist economy took shape. The experience of those years forms the background of the treatment of the problems discussed and of methods used in this book; this particularly concerns the relation between the theory of growth of the socialist economy and the theory of efficiency of investment, and the comparison of Kaleckls theory with the neoclassical theory of growth. I began to study the relationship between the rate of growth and the rate of interest in Warsaw in the years 1965-1968, following on the research I had done when preparing my previous book, Zarys teorii reprodukcji socjalistycznej (Introduction to the Theory of Socialist Reproduction), Ksiaika i Wiedza, Warsaw 1965. At that time Kaleckrs seminar on the theory of growth, in which I took part, was still in existence at the Central School of Planning and ~atistics in Warsaw. I wish to thank all the parti cipants of the seminar for their contribution and the valuable stimulation I have received from them.