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The socialist calculation debate, sometimes known as the economic calculation debate, was a discourse on the subject of how a socialist economy would perform economic calculation given the absence of the law of value, money, financial prices for capital goods and private ownership of the means of production.
Cover of the English 1990 edition of "Economic Calculation in the Socialist Commonwealth" Economic Calculation in the Socialist Commonwealth is an article by Austrian School economist Ludwig von Mises. Its critique against economic calculation in a centrally planned economy triggered the decades-long economic calculation debate. [1] [2]
Boettke, Peter 1990 The Political Economy of Soviet Socialism. Caldwell, B: 1997. Hayek and Socialism The Journal of Economic Literature V35 pp. 1856–1890. Cottrell, Allin and Cockshott W. Paul "Calculation, Complexity and Planning: The Socialist Calculation Debate Once Again" Archived 2015-05-13 at the Wayback Machine Review of Political Economy
The Lange model was developed in response to Ludwig von Mises and Friedrich Hayek's criticisms of socialism during the socialist calculation debate. The critics argued that any body that owns and consolidates a society's means of production cannot acquire the information needed to calculate general equilibrium prices, and that market-determined ...
Lange's argument was one of the pivots of the socialist calculation debate with the Austrian School economists. At that time, the view among English socialists of the Fabian Society was that Lange had won the debate. [9] His works provided the earliest model of market socialism. [10]
Those who agree with this criticism argue it is a refutation of socialism and that it shows that a socialist planned economy could never work. The debate raged in the 1920s and 1930s and that specific period of the debate has come to be known by economic historians as "the Socialist Calculation Debate". [14]
The Huffington Post has partnered with YouGov to conduct daily public opinion polls on the issues of the day, and provide a polling widget allowing readers of the online news site to compare their views to those of the nation as a whole.
Blatchford's practical socialism was a state socialism that identified existing state enterprises such as the Post Office run by the municipalities as a demonstration of practical socialism in action while claiming that practical socialism should involve the extension of state enterprise to the means of production as the common property of the ...