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Input-output planning and information

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  • Dapprich, Jan Philipp
  • Cockshott, William Paul

Abstract

In this paper, we show how socialist planning can be based on input-output data. We argue that the information required for this can be obtained by a central planning agency and thus dismiss Hayek’s information argument against socialism. We further show how economic planning can be made responsive to consumer demand through a feedback control mechanism. Output targets of products would be adjusted in response to observed consumer demand or based on predictions about future demand. Planners can use machine learning to make more accurate forecasts. The valuation of goods plays an important role in the feedback control mechanism. The values of goods can either be measured by the labour time necessary for their production (labour values) or through shadow prices based on linear programming.

Suggested Citation

  • Dapprich, Jan Philipp & Cockshott, William Paul, 2023. "Input-output planning and information," Journal of Economic Behavior & Organization, Elsevier, vol. 205(C), pages 412-422.
    • Handle: RePEc:eee:jeborg:v:205:y:2023:i:c:p:412-422
    DOI: 10.1016/j.jebo.2022.10.043
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    References listed on IDEAS

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    1. Fernando J. Cardim de Carvalho, 2019. "Economic Planning under Capitalism: The New Deal and Postwar France Experiments," Economics Working Paper Archive wp_923, Levy Economics Institute.
    2. L. V. Kantorovich, 1960. "Mathematical Methods of Organizing and Planning Production," Management Science, INFORMS, vol. 6(4), pages 366-422, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Socialism; Planning; Information;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P22 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Prices

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