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Critique of planned economies
The economic calculation problem (ECP) is a criticism of using central economic planning (rather than market-based mechanisms) for the allocation of the
Economic_calculation_problem
Discourse on the applicability of central planning without capital markets
The socialist calculation debate, sometimes known as the economic calculation debate, is a discourse on the subject of how a socialist economy would perform
Socialist_calculation_debate
1920 article by Ludwig Von Mises
Economic Calculation in the Socialist Commonwealth is an article by Austrian School economist Ludwig von Mises. Its critique against economic calculation
Economic Calculation in the Socialist Commonwealth
Economic_Calculation_in_the_Socialist_Commonwealth
School of economic thought
value, marginalism in price theory and the formulation of the economic calculation problem. In the 1970s, the Austrian school attracted some renewed interest
Austrian_school_of_economics
Austrian–American political economist (1881–1973)
systematic framework for understanding human action—and the economic calculation problem, which challenged the feasibility of socialism. Mises was also
Ludwig_von_Mises
Method of appraising and accounting which replaces money with use value
magnitudes as opposed to a common unit of calculation. In a pre-capitalist economy, calculation in kind refers to an economic system where planning, resource allocation
Calculation_in_kind
criticized on theoretical grounds, such as in the economic calculation problem and the socialist calculation debate, while others hold that certain historical
Criticism_of_socialism
Austrian economist and philosopher (1899–1992)
price mechanism in free markets (see economic calculation problem). In 1935, Hayek published Collectivist Economic Planning, a collection of essays from
Friedrich_Hayek
Polish economist and diplomat (1904–1965)
and providing a model of market socialism. He responded to the economic calculation problem proposed by Ludwig von Mises and Friedrich Hayek by claiming
Oskar_R._Lange
Economic system based on social ownership of the means of production in a market economy
neither function on the basis of calculation in natural units nor through solving a system of simultaneous equations for economic coordination. Real-world attempts
Market_socialism
International organization of socialist parties
China, Russia, and BRICS member states to assist the country during its economic and energy crisis. On June 5, 2026, the Sovintern expressed support for
Sovintern
Ideal level of money
intended to be useful. In the classic socialist calculation debate, economic calculation was a problem for centrally planned economies. Necessarily the
Real_and_ideal_prices
Faction of the Russian Social Democratic Labour Party
society Criticism of capitalism Criticism of socialism Economic calculation problem Economic system Socialism in France Left-libertarianism Libertarianism
Mensheviks
Campaign for a new worker's international
Socialist calculation debate Socialist economics Ideas Calculation in kind Cooperative Critique of political economy Economic democracy Economic planning
Fifth_International
French political, religious and social movement
Socialist calculation debate Socialist economics Ideas Calculation in kind Cooperative Critique of political economy Economic democracy Economic planning
Saint-Simonianism
Political philosophy emphasising social ownership of production
grounds, such as in the economic calculation problem presented by proponents of the Austrian School as part of the socialist calculation debate, while others
Socialism
Leftist student organisation in India
Latest News & Videos, Photos about SFI National President V Sivadasan". The Economic Times. Archived from the original on 3 July 2020. Retrieved 10 May 2020
Students'_Federation_of_India
Political strategy for implementing socialism
primarily related to state socialism is the economic calculation problem, followed by the socialist calculation debate. Socialism portal Mustafa Kemal Atatürk
State_socialism
President of Argentina since 2023
through spending cuts, deregulation, and monetary restraint after decades of economic mismanagement. According to INDEC, the government's statistics agency,
Javier_Milei
Type of economic system
the problem as the economic calculation problem and local knowledge problem, respectively. These distinct aspects were also present in the economic thought
Planned_economy
Left-wing revolutionary ideology
Socialist calculation debate Socialist economics Ideas Calculation in kind Cooperative Critique of political economy Economic democracy Economic planning
Blanquism
Vietnamese market reforms beginning in late 1986
mɤ̂ːi]; transl. "renovation" or "innovation") is the name given to the economic reforms process of Vietnam since late 1986 with the goal of creating a
Đổi_Mới
Economic calculation of value based on labor time
Labor-time calculation is a method of economic calculation that uses labor time as the basic unit of accounting and valuation. This method of calculation was
Labor-time_calculation
Ideologies of change via capitalism and technology
cited neoreactionarism as an influence. Accelerating change Economic calculation problem Futures studies Great Acceleration – Proposed geologic epochPages
Accelerationism
Political party in India
Retrieved 24 September 2021. "SP founding member Beni Prasad Verma dies". The Economic Times. 27 March 2020. ISSN 0013-0389. Retrieved 4 July 2023. "Akhilesh
Samajwadi_Party
Economics book
his model does not "[prevent] labour values from being usable for economic calculation when dealing with intermediate goods." Summarising, Cockshott asserts
Towards_a_New_Socialism
Socialist political party in the United Kingdom
argument that the economic calculation problem is a barrier to such a society. They claim this can be achieved through calculation in kind (i.e. technical
Socialist Party of Great Britain
Socialist_Party_of_Great_Britain
Theory of human action
the time, topics C, D, and E were regarded by Rothbard as open research problems. T.L. Hulsey proposes a fifth category of Austrian praxeology, called architectonics
Praxeology
Student organisation in India
thehindu.com. Gupta, Susmita Sen (2009). Radical Politics in Meghalaya: Problems and Prospects. Gyan Publishing House. ISBN 9788178357423. Ramakrishnan
All India Students' Federation
All_India_Students'_Federation
Scottish computer scientist and economist
form of technologist socialist planning. He has criticized the economic calculation problem on the grounds that planning can be made feasible via computerization
Paul_Cockshott
Economic theories, practices and norms of socialism
accounting based on calculation-in-kind to value resources and goods. Socialist economics has been associated with different schools of economic thought. Marxian
Socialist_economics
Strategy of joining an organization to politically influence it
Revolutionary Socialist Left in Britain. Routledge. ISBN 978-1032547992. "Problems of Entrism" by Ted Grant with an introduction by Peter Taaffe and various
Entryism
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Swedish: Sveriges
List of Nobel Memorial Prize laureates in Economic Sciences
List_of_Nobel_Memorial_Prize_laureates_in_Economic_Sciences
Chilean 1971–73 economic management project
political economy Cyberocracy Cybernetics in the Soviet Union Economic calculation debate Economic planning Enterprise resource planning Fernando Flores Victor
Project_Cybersyn
Argument in economics
planning and regulation of economic activity.[citation needed] Economic calculation problem Civic crowdfunding Dispersed knowledge Tax choice The Economist
Local_knowledge_problem
Physical work done by people
it as a reason many socialist economic policies face challenges, particularly concerning the economic calculation problem. On the other hand, Paul Cockshott
Manual_labour
Economics term with various applications
Jack. “"The Legal Foundations of Capitalism" and the Labor Problem.” Journal of Economic Issues 10. 4 (1976), pp. 799-810. Online. Field 1893, p. 60
The_labor_problem
Resource allocation system based on a computational procedure
Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative
Economic_planning
Type of building for utopian communes
society Criticism of capitalism Criticism of socialism Economic calculation problem Economic system Socialism in France Left-libertarianism Libertarianism
Phalanstère
Social-political-economic theory
social-political-economic theory of historical materialism. Although the term socialism has come to mean specifically a combination of political and economic science
Scientific_socialism
Austrian economist (1851–1914)
increased fiscal demands from the army threatened to unbalance the budget. The economic historian Alexander Gerschenkron criticized his "penny pinching, 'not-one-heller-more
Eugen_von_Böhm-Bawerk
Italian economist and military historian (1859–1924)
Austrian School economists' responses, fueled discussion of the economic calculation problem and market socialism in the 1930s. His method also anticipated
Enrico_Barone
Economic arrangement
From Marx to Mises: Post-Capitalist Society and the Challenge of Economic Calculation. Open Court Publishing Company. pp. 44–45. ISBN 978-0-87548-449-5
Common_ownership
Arguments against the economic system of capitalism
of corporations Critique of work Culture of capitalism Economic calculation problem Economic democracy Late capitalism Le Livre noir du capitalisme Market
Criticism_of_capitalism
Form of democracy emphasizing socialism
multi-party representative democracy or direct democracy, complemented by economic democracy as worker's control or social ownership of production, such as
Socialist_democracy
Philippine Marxist–Leninist politician (1913–2005)
1950. His involvement with the movement came after his initiation to the problems of agrarian Filipinos when he was a student in the early 1930s. During
Luis_Taruc
Ideology combining leftist economics and social conservatism
party participates in the Progressive Caucus led by the Marxist–Leninist Economic Freedom Fighters party. It has been described as a "radical left-wing party"
Left-conservatism
Slovenian philosopher (born 1949)
arguing that the U.S. embargo against Cuba could not alone be blamed for its economic crisis. He also defended Cuban immigrants to the U.S., writing, "what right
Slavoj_Žižek
Founder of the Austrian School of economics (1840–1921)
classical economics. He directly disputed the view of the "German school" that economic theory could be derived from history. Departing from the cost-of-production
Carl_Menger
Overview of AI's possible effects on the human state
mechanisms or centralized planning, potentially resolving the economic calculation problem that has historically challenged socialist economies. The combination
AI_aftermath_scenarios
Topics referred to by the same term
near Panama City Beach, Florida, US Economic calculation problem, an economic term that refers to fallacies in economic planning Election Commission of Pakistan
ECP
Political ideology
and economic ideology integrating libertarianism with Georgism Ho Chi Minh Thought – Political philosophy named after Ho Chi Minh Georgism – Economic philosophy
Agrarian_socialism
Alternative to the "Red socialism" advocated in Marxism
Yellow socialism, or yellow unionism, was an economic system proposed in 1902 in France by Pierre Biétry, as an alternative to the "red socialism" advocated
Yellow_socialism
Sovereign state constitutionally dedicated to the establishment of socialism
structure and guidance of these country's machinery of government and economic system. The preamble to the 1976 Constitution of Portugal states that the
Socialist_state
Political philosophy
Third-generation Austrian Ludwig von Mises rekindled the debate about the economic calculation problem by arguing that without price signals in capital goods, in his
Marxism
Study of the development of economic thought
enabling each economic decision maker to communicate tacit knowledge or dispersed knowledge to each other, to solve the economic calculation problem. Along with
History_of_economic_thought
List of socialism advocates before Marx and Engels
society Criticism of capitalism Criticism of socialism Economic calculation problem Economic system Socialism in France Left-libertarianism Libertarianism
Pre-Marx_socialists
Political ideology advocating gradual change
can eventually lead to fundamental changes in a society's political and economic systems. Reformism as a political tendency and hypothesis of social change
Reformism
Leader of Czechoslovakia from 1968 to 1969
with a human face", Dubček led a process that accelerated cultural and economic liberalization in Czechoslovakia. Reforms were opposed by conservatives
Alexander_Dubček
System of ownership, production and exchange
the four fundamental economic problems: What kinds and quantities of goods shall be produced: This fundamental economic problem is anchored on the theory
Economic_system
Theory about the free market system in economies
ratios and prices. It aims to analyse all actions based on monetary calculation and trace the formation of prices back to the point where agents have
Catallactics
Freedom to make economic decisions
leading to the economic calculation problem and reduced prosperity. Milton Friedman similarly emphasized in Capitalism and Freedom that economic freedom, i
Economic_freedom
Political party in India
charge sheet against Lalu, Rabri; names Tejashwi for first time". The Economic Times. 4 July 2023. "Tejashwi Had Threatened CBI, Nityanand Rai: Bihar
Rashtriya_Janata_Dal
Pension scheme in India
magnitude of the problem, structural alteration in the existing pension scheme would therefore appear to be necessary. The Economic Survey 2004-05 highlighted
Old_Pension_Scheme
Socialism associated with Nicos Poulantzas
Socialist calculation debate Socialist economics Ideas Calculation in kind Cooperative Critique of political economy Economic democracy Economic planning
Democratic_road_to_socialism
Political theory concerned with imagined socialist societies
Philosophy, Marx criticized the economic and philosophical arguments of Proudhon set forth in The System of Economic Contradictions, or The Philosophy
Utopian_socialism
Economic system free from interventionism
the roots of the trade problem and of the resurgent protectionism it has fomented are fundamentally political as well as economic". A more recent advocate
Laissez-faire
Socialist political ideology stressing revolution
social movements that seek to gradually ameliorate capitalism's economic and social problems through political reform. According to a 2025 study, rebels fighting
Revolutionary_socialism
Book by Friedrich von Hayek
communism Criticism of socialism Economic calculation problem, the difficulties of central planning Institute of Economic Affairs New class, a theory of
The_Road_to_Serfdom
Distribution of power within an organisational structure
encompass military affairs, security, foreign policy, economic reform, state-building, economic policymaking, and social governance. This concentration
Collective_leadership
governments rejected the ideas of capitalism in favour of a more afrocentric economic model. Leaders of this period professed that they were practising "African
African_socialism
Youth forum in India
society Criticism of capitalism Criticism of socialism Economic calculation problem Economic system Socialism in France Left-libertarianism Libertarianism
All_India_Youth_Federation
ensure for every citizen the rule of law, basic human rights and political, economic and social equality, liberty and justice". Several socialist principles
Liberal democratic constitutions with references to socialism
Liberal_democratic_constitutions_with_references_to_socialism
Left-wing international organization
society Criticism of capitalism Criticism of socialism Economic calculation problem Economic system Socialism in France Left-libertarianism Libertarianism
Progressive_International
French utopian socialist and philosopher (1772–1837)
Rothschilds. John K. Roth and Richard L. Rubenstein see Fourier as motivated by economic and religious antisemitism rather than the racial antisemitism that emerged
Charles_Fourier
Economic theory
some economic historians, economies have experienced less severe boom-bust cycles after World War II, because governments have addressed the problem of
Austrian business cycle theory
Austrian_business_cycle_theory
French revolutionary and journalist (1760–1797)
starvation. The government yielded to the outcry, and tried to mitigate the problem by dividing people entitled to relief into classes, but this only increased
François-Noël_Babeuf
Political terminology and perspective
University Press. p. 24. Huerta de Soto, Jesús (2010). Socialism, Economic Calculation and Entrepreneurship Fourth edition. Edward Elgar Publishing.
Bourgeois_socialism
1988 book by Friedrich Hayek
enabling each economic decision maker to exchange tacit knowledge or dispersed knowledge with each other to solve the economic calculation problem. There is
The_Fatal_Conceit
Soviet government agency responsible for economic planning
Daniels Hyperinflation in early Soviet Russia Planned economy Economic calculation problem The word "Gosplan" is an abbreviation of Gosudarstvenniy Komitet
Gosplan
Trade union in India
society Criticism of capitalism Criticism of socialism Economic calculation problem Economic system Socialism in France Left-libertarianism Libertarianism
All India Trade Union Congress
All_India_Trade_Union_Congress
Welsh social reformer (1771–1858)
and his business partner, Maclure. However, New Harmony proved to be an economic failure, lasting about two years, although it had attracted over a thousand
Robert_Owen
Ownership of the means of production by society
logical impossibility of socialist economic calculation, Marx had the foresight to vaguely recognize that such calculation depended on the development of
Social_ownership
Views of the incumbent president of Argentina
emphasizes the role of the state as a hindrance to economic freedom, saying "the state is the problem, not the solution". Within this framework, he aligns
Political positions of Javier Milei
Political_positions_of_Javier_Milei
Group making loans to developing countries
capital (see economic calculation problem). He also warned such systems raise moral hazard by encouraging government dependency and poor economic decision-making
World_Bank_Group
Political labor movement
liberal value of autonomy...By setting out to 'destroy this predominance of economic factors' (Cole 1980, 180) through the re-organization of key spheres of
Guild_socialism
Economic theory proposed by Austrian scholar Carl Menger
The subjective theory of value (STV) is an economic theory for explaining how the value of goods and services are not only established but also how they
Subjective_theory_of_value
French socialist revolutionary (1805–1881)
weakness." He therefore rejected all forms of historical determinism, whether economic, religious, or positivist. For Blanqui, society's structure is not determined
Louis-Auguste_Blanqui
Left-wing political ideology
Sandinista ideology or Sandinismo is a series of political and economic philosophies instituted by the Nicaraguan Sandinista National Liberation Front
Sandinista_ideology
Socialist calculation debate Socialist economics Ideas Calculation in kind Cooperative Critique of political economy Economic democracy Economic planning
List of democratic socialist parties and organizations
List_of_democratic_socialist_parties_and_organizations
Type of socialist philosophy
whatever of its old economic habits may remain. al-Gaddafi, Muammar (1976). The Green Book, The Solution of the Economic Problem: Socialism. Libya: People's
Islamic_socialism
List of self-declared socialist states
Socialist calculation debate Socialist economics Ideas Calculation in kind Cooperative Critique of political economy Economic democracy Economic planning
List of non-communist socialist states
List_of_non-communist_socialist_states
Utopian socialist philosophy
movement, and with the spread of the Mechanics' Institute movement. Owen's economic thought grew out of widespread poverty in Britain in the aftermath of the
Owenism
Conference of left-wing political parties
scenario after the fall of the Berlin Wall and rising adoption of some economic liberalization policies implemented at the time by right-leaning governments
São_Paulo_Forum
Political party in India
July 2016. Hardgrave, Robert L. (1 August 1965). "The Riots in Tamilnad: Problems and Prospects of India's Language Crisis". Asian Survey. 5 (8): 399–407
Dravida_Munnetra_Kazhagam
Socioeconomic philosophy
most fundamental economic problem. That is, modern society does not earn enough income to purchase its output. For example, economic geographer David
Economic_democracy
Socialist economic-political system
the economic calculation problem is a problem for socialism, he denies that Mises has shown it to be fatal or that it is this particular problem that
Authoritarian_socialism
Form of organizational management
From Marx to Mises: Post-Capitalist Society and the Challenge of Economic Calculation. Open Court Publishing Company. p. 323. ISBN 978-0875484495. The
Workers'_self-management
Chinese economic philosophy
The socialist market economy (SME) is the economic system and model of economic development employed in the People's Republic of China. The system is
Socialist_market_economy
Proposed alternative to money
human labour in socialism.[non-primary source needed] Calculation in kind Labor-time calculation Ithaca Hours Local currency Local Exchange Trading System
Labour_voucher
ECONOMIC CALCULATION-PROBLEM
ECONOMIC CALCULATION-PROBLEM
Boy/Male
Indian, Tamil
People with this Name are Preferably Intelligent and Very Generous; Highly Knowledgeable in Problem Solving Skills
Girl/Female
Indian, Telugu
Destroyer of Problems
Surname or Lastname
Muslim
Muslim : from a personal name based on Arabic shÄd ‘happy’.English : metonymic occupational name for a fisherman or fish seller, from Old English sceadd ‘shad’, a kind of fish. Reaney and Wilson note that during the Old English period there was a ‘shad season’, so it must have been of some economic importance.Americanized spelling of German Schade.
Boy/Male
Arabic, Muslim, Sindhi
Frugal; Thrifty; Economical; One who is Economical; The Provident
Boy/Male
Arabic, Indian, Muslim
Problem Solver
Boy/Male
Indian, Telugu
Calculative
Girl/Female
Muslim/Islamic
Away from all Problems
Boy/Male
Hindu, Indian
Problem
Boy/Male
Muslim
One who is economical, Thrifty
Boy/Male
Muslim/Islamic
One who is economical thrifty
Boy/Male
Muslim
Problem solver
Surname or Lastname
English
English : variant of Ralph.A Francis Rawle from the parish of St. Juliot in Cornwall, England, was recorded as living in Plymouth, MA, in 1660. Devout Quakers seeking to escape persecution, the family emigrated to PA in 1686, bringing with them a deed from William Penn for a tract of 2,500 acres of land, which was subsequently located in Plymouth township, Philadelphia (now Montgomery) Co. His son, who had six sons himself, was a political economist and one of the first people to write on the subject and its local applications in America.
Boy/Male
Indian
One who is economical, Thrifty
Girl/Female
Bengali, Indian
Eternity; Problem Solver
Surname or Lastname
English
English : from Middle English appel ‘apple’ (Old English æppel), acquired as a surname in any of various senses: a topographic name for someone living by an apple orchard; an occupational name for a grower or seller of apples; or a nickname for someone supposed to resemble an apple in some way, e.g. in having bright red cheeks. The economic importance in medieval northern Europe of apples, as a fruit that could be grown in a cold climate and would keep for use throughout the winter, is hard to appreciate in these days of rapid transportation and year-round availability of fruits of all kind.Americanized form of Appel or Apfel.
ECONOMIC CALCULATION-PROBLEM
ECONOMIC CALCULATION-PROBLEM
Girl/Female
Indian
Girl/Female
Gaelic Irish Celtic
pleasant.
Boy/Male
Arthurian Legend
Gawain's sword.
Boy/Male
Bengali, Gujarati, Hindu, Indian, Kannada, Malayalam, Marathi, Oriya, Telugu
Lord Kartikeya
Boy/Male
Hindu
Ambassador of Rama, Lord Hanuman
Boy/Male
Arabic
Servant of Allah
Boy/Male
American, Australian, British, English, German, Norse, Teutonic
Thunder Ruler; Powerful; Thor; The God of Thunder; Follower of Thor
Boy/Male
English
Right-hand son. Also a.
Girl/Female
Indian, Sanskrit
Place
Surname or Lastname
English (chiefly Nottinghamshire)
English (chiefly Nottinghamshire) : of uncertain derivation; perhaps from the Middle English female personal name Amabilia, from Latin amabilis ‘lovable’.
ECONOMIC CALCULATION-PROBLEM
ECONOMIC CALCULATION-PROBLEM
ECONOMIC CALCULATION-PROBLEM
ECONOMIC CALCULATION-PROBLEM
ECONOMIC CALCULATION-PROBLEM
a.
Of or pertaining to mathematical calculations; performing or able to perform mathematical calculations.
n.
The extent to which anything circulates or is circulated; the measure of diffusion; as, the circulation of a newspaper.
v. i.
To be prudently sparing in expenditure; to be frugal and saving; as, to economize in order to grow rich.
a.
Managed with frugality; not marked with waste or extravagance; frugal; -- said of acts; saving; as, an economical use of money or of time.
n.
The system of rules and regulations by which anything is managed; orderly system of regulating the distribution and uses of parts, conceived as the result of wise and economical adaptation in the author, whether human or divine; as, the animal or vegetable economy; the economy of a poem; the Jewish economy.
v. t.
To manage with economy; to use with prudence; to expend with frugality; as, to economize one's income.
a.
Of or pertaining to calculation; involving calculation.
n.
The management of domestic affairs; the regulation and government of household matters; especially as they concern expense or disbursement; as, a careful economy.
pl.
of Economy
n.
Political economy; the science of the utilities or the useful application of wealth or material resources. See Political economy, under Political.
a.
Belonging to calculation.
a.
Relating to the means of living, or the resources and wealth of a country; relating to political economy; as, economic purposes; economical truths.
n.
See Economics.
a.
Given to contrivance or forethought; forecasting; scheming; as, a cool calculating disposition.
n.
The act or process, or the result, of calculating; computation; reckoning, estimate.
a.
Relating to domestic economy, or to the management of household affairs.
n.
One who is conversant with political economy; a student of economics.
a.
Alt. of Economical
n.
Orderly arrangement and management of the internal affairs of a state or of any establishment kept up by production and consumption; esp., such management as directly concerns wealth; as, political economy.
n.
Thrifty and frugal housekeeping; management without loss or waste; frugality in expenditure; prudence and disposition to save; as, a housekeeper accustomed to economy but not to parsimony.