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OCR for page 22
Glossary
Adjusted factor cost (AFCJ standard. This method adjusts all commodity
prices to make them equal to average costs of production. In other
words, the AFC standard takes out all taxes and subsidies from the
prices of goods and services and replaces all types of income with a
uniform for all sectors average return on capital. The adjusted prices
also include depreciation of capital in free household services, science,
and housing sectors.
Comparable prices. These prices are supposed to have been adjusted for
inflation by Soviet statisticians. The methodology used by the Soviets
for the adjustments, however, is not clear. Most Western observers
believe that these prices include a significant amount of inflation and
view these prices as utterly unreliable.
Current or established prices. These prices are the prevailing nominal ruble
prices within the economy, i.e., the existing prices, not adjusted for
inflation.
Deflation. In the context of this conference, deflation is the process of
adjusting economic data for inflation.
Input-output table. An input-output (I-O) table is in essence a graphic
presentation of the national accounts of an economic system, showing
the interrelations among the producing and the using sector. The
table has four quadrants only three of which are generally used. the
first or the interindustry transactions quadrant shows the flows of
intermediate inputs from one branch of the economy to another; the
second or final use quadrant shows the distribution of production to
final use; and the third or value added quadrant presents the
distribution of primary inputs to final users. The I-O table presents
an internally consistent picture of transactions flows within the
economy. (The above description is adopted from P. Gregory and R.
Stuart, Soviet Economic Structure and Performance, 4th edition, Harper
& Row, New York, 1990.)
Marginal rates of transformation (MRT). MRT is the numerical value of
the slope of the production possibilities frontier, i.e., the number of
units of one kind of good one can obtain by giving up one unit of
another kind of good.
Production possibility frontier (PPF). PPF is all "efficient" combinations of
goods and services that can be produced given the resources of the
society and the existing state of technology. A combination X is
22
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THE SOVIET ECONOMY
23
efficient if given the resource endowment the society cannot produce
more of all goods and services than is contained in X.
Purchasing power parity (PPP). PPP is the rate of exchange between the
currencies of two countries in which the units of national currency
expressed in the exchange rate command equivalent or comparable
purchasing power, in terms of specified commodities, in either the
domestic or world markets (Adopted from H. Sloan and ~ Zurcher,
A Dictionary of Economics, Barnes & Noble, New York, 1951.)
OCR for page 24
Representative terms from entire chapter:
purchasing power
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