The adoption of western economic theories is causing revolutionary changes in Russian thinking and may bring the Soviet people substantial economic improvement, Wassily W. Leontief, Henry Lee Professor of Economy, reported recently.
Leontief returned in late February from a three-week visit to the Soviet Union where he found that many theories he had helped to develop here are being put into practice.
The Marxian economic theory that has prevailed in Russia until recently, he explained, considered only immediate cost or profit as economically significant. Now, however, Soviets consider both immediate and future cost or profit.
The first hint of a change in Soviet thinking was Khrushchev's slash in funds for hydroelectric plants last August. According to western economic theories, the maintenance cost of such plants makes them uneconomical as a power source.
During his visit, Leontief also noted a new transition from practical to mathematical economics. Economy is reportedly becoming more of a science in Russia than ever before.
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