The Soviet Economic Decline
研究发现，控制投资和人力资本后，苏联1960-1989年增长为全球最差，且相对表现随时间恶化；国防负担有轻微影响，而资本与劳动的低替代弹性导致资本回报递减尤为严重。
Soviet growth from 1960 to 1989 was the worst in the world after we control for investment and human capital; the relative performance worsens over time. There is some evidence that the burden of defense spending modestly contributed to the Soviet debacle. The declining Soviet growth rate from 1950 to 1987 can be accounted for by a declining marginal product of capital with a constant rate of growth of total factor productivity. The Soviet reliance on extensive growth (rising capital-to-output ratios) was no greater than that of market economies, such as Japan and the Republic of Korea, but a low elasticity of substitution between capital and labor implied especially acute diminishing returns to capital compared with the case in market economies. Copyright 1995 by Oxford University Press.