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The Economic Calculation Debate: Lessons for Socialists

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Author Info
Adaman, Fikret
Devine, Pat

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Abstract

This paper summarizes the standard account of the economic calculation debate, the modern Austrian reinterpretation of the debate based on the centrality of tacit knowledge and discovery, and a neglected third strand in the historical debate, Dobb's insistence on the uncertainty associated with atomistic decision making and the need for ex ante planning. It then draws some lessons for socialists from the debate and considers a possible market socialist response to the modern Austrian challenge. The paper ends by outlining a model of participatory planning that incorporates both the modern Austrians' insight into the importance of tacit knowledge and Dobb's insistence on ex ante coordination. (c) 1996 Academic Press Limited Copyright 1996 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 20 (1996)
Issue (Month): 5 (September)
Pages: 523-37
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Handle: RePEc:oup:cambje:v:20:y:1996:i:5:p:523-37

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  1. Stavros Ioannides, 2000. "Austrian Economics, Socialism and Impure Forms of Economic Organisation," Review of Political Economy, Taylor and Francis Journals, vol. 12(1), pages 45-71, January. [Downloadable!] (restricted)
  2. Zenon X. Zygmont, 2006. "Debating the Socialist Calculation Debate: A Classroom Exercise," Journal of Economic Education, Helen Dwight Reid Foundation, vol. 37(2), pages 229-235. [Downloadable!]
  3. Fikret Adaman & Pat Devine, 2002. "A Reconsideration of the Theory of Entrepreneurship: a participatory approach," Review of Political Economy, Taylor and Francis Journals, vol. 14(3), pages 329-355, July. [Downloadable!] (restricted)
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This page was last updated on 2009-11-28.


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