In 1965, the party approved the New Economic Model, which had been drafted under the direction of economist and theoretician Ota Šik. The program called for a second, intensive stage of economic development, emphasizing technological and managerial improvements. Central planning would be limited to overall production and investment indexes as well as price and wage guidelines. Management personnel would be involved in decision-making. Production would be market oriented and geared toward profitability. Prices would respond to supply and demand. Wage differentials would be introduced.