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Article

The Soviet Economic Decline

William Easterly; Stanley Fischer · The World Bank Economic Review 9(3), 341–371 · 1995

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Type: Article
Author: William Easterly; Stanley Fischer
Identifier: DOI 10.1093/wber/9.3.341
Accessed: 2026-09-01

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TheoryThe Soviet slowdown is best explained by falling returns to capital in an economy that relied on accumulation and where capital substituted poorly for labour.EstablishedSoviet growth slowed decade by decade after the 1950s, and alternative estimates show much slower growth than the official statistics.