The Economic Calculation Debate: Lessons for Socialists
Author(s)
Adaman, Fikret; Devine, P.
Abstract
A debate between the Austrian school of economics and the neoclassical school hinged on rational economic calculation with the state owning economic assets. This debate can still shed light on the extent to which a socialist economy can be successfully set up and organized. Maurice Dobb has emphasized the importance of planning, while the Austrian school has provided insights into the characteristics of knowledge. Participatory planning and democracy are important when developing any future socialist economic system.
