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The Economic Calculation Debate: Lessons for Socialists

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  • Adaman, Fikret
  • Devine, Pat

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.

Suggested Citation

  • Adaman, Fikret & Devine, Pat, 1996. "The Economic Calculation Debate: Lessons for Socialists," Cambridge Journal of Economics, Oxford University Press, vol. 20(5), pages 523-537, September.
  • Handle: RePEc:oup:cambje:v:20:y:1996:i:5:p:523-37
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    Cited by:

    1. Stavros Ioannides, 2000. "Austrian Economics, Socialism and Impure Forms of Economic Organisation," Review of Political Economy, Taylor & Francis Journals, vol. 12(1), pages 45-71.
    2. Fikret Adaman & Yahya M. Madra, 2012. "Understanding Neoliberalism as Economization: The Case of the Ecology," Working Papers 2012/04, Bogazici University, Department of Economics.
    3. Clive L. Spash, 2019. "Substantive Economics and Avoiding False Dichotomies in Advancing Social Ecological Economics," SRE-Disc sre-disc-2019_05, Institute for Multilevel Governance and Development, Department of Socioeconomics, Vienna University of Economics and Business.
    4. Yahya Madra & Fikret Adaman, 2013. "Neoliberal reason and its forms:Depoliticization through economization," Working Papers 2013/07, Bogazici University, Department of Economics.
    5. Dic Lo & Russell Smyth, 2004. "Towards a re-interpretation of the economics of feasible socialism," Cambridge Journal of Economics, Oxford University Press, vol. 28(6), pages 791-808, November.
    6. Stephen J. Decanio, 1999. "Estimating The Non‐Environmental Consequences Of Greenhouse Gas Reductions Is Harder Than You Think," Contemporary Economic Policy, Western Economic Association International, vol. 17(3), pages 279-295, July.
    7. Adem LEVENT, 2016. "Power, Market and Techno-Structure in John Kenneth Galbraith’s Thought," Journal of Social and Administrative Sciences, KSP Journals, vol. 3(2), pages 214-218, June.
    8. Spash, Clive L., 2019. "SEE Beyond Substantive Economics: Avoiding False Dichotomies," Ecological Economics, Elsevier, vol. 165(C), pages 1-1.
    9. Fikret Adaman & Pat Devine, 2002. "A Reconsideration of the Theory of Entrepreneurship: A participatory approach," Review of Political Economy, Taylor & Francis Journals, vol. 14(3), pages 329-355.

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