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Economic Planning

In: James Edward Meade

Author

Listed:
  • David Reisman

    (Nanyang Technological University
    University of Surrey)

Abstract

The British economy in wartime had been planned and some in the 1930s and 1940s also admired the Soviet model. Many authors, including Hayek, Robbins Durbin and Franks, had written about the future of top-down control. Meade’s proposal was a mix. There was no case for an imperative plan. Prices and quantities should be determined by supply and demand. Since, however, information and coordination are always problematic where decisions are decentralised, there is a need in a market economy for an indicative plan that would reduce wasteful duplication and minimise supply-chain inconsistency. Although control is undesirable, grants and concessions would provide a useful nudge.

Suggested Citation

  • David Reisman, 2018. "Economic Planning," Great Thinkers in Economics, in: James Edward Meade, chapter 11, pages 233-243, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-3-319-69281-4_11
    DOI: 10.1007/978-3-319-69281-4_11
    as

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