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Economic Calculation Problem
The economic calculation problem (ECP) is a criticism of using central economic planning as a substitute for Market (economics), market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek. In his first article, Mises described the nature of the price system under capitalism and described how individual subjective value theory, subjective values (while criticizing Labor_theory_of_value, other theories of value) are translated into the objective information necessary for Rational choice theory, rational allocation of resources in society. He argued that central planning necessarily leads to an irrational and inefficient allocation of resources. In market exchanges, prices reflect the supply and demand of resources, labor and products. In the article, Mises focused his criticism on the deficiencies of the Socialization (economics), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Planning
Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the Market (economics), market mechanism. As an allocation mechanism for socialism, economic planning replaces factor markets with a procedure for direct allocations of resources within an interconnected group of Social ownership, socially owned organizations which together comprise the productive apparatus of the economy. There are various forms of economic planning that vary based on their specific procedures and approach. The level of centralization or decentralization in decision-making depends on the specific type of planning mechanism employed. In addition, one can distinguish between centralized planning and decentralized planning. An economy primarily based on planning is referred to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Von Hindenburg
Paul Ludwig Hans Anton von Beneckendorff und von Hindenburg (2 October 1847 – 2 August 1934) was a German military and political leader who led the Imperial German Army during the First World War and later became President of Germany (1919–1945), President of Germany from 1925 until his death in 1934. He played a key role in the Nazi seizure of power in 1933 when he appointed Adolf Hitler as Chancellor of Germany. Hindenburg was born to a family of minor Prussian nobility in the Grand Duchy of Posen. Upon completing his education as a cadet, he enlisted in the Third Regiment of Foot Guards as a second lieutenant. He saw combat during the Austro-Prussian War, Austro-Prussian and Franco-Prussian War, Franco-Prussian wars. In 1873, he was admitted to the prestigious Preußische Hauptkadettenanstalt, War Academy in Berlin, where he studied before being appointed to the General Staff Corps. In 1885, he was promoted to major and became a member of the German General Staff. After ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Cockshott
William Paul Cockshott (born 16 March 1952) is a Scottish academic in the fields of computer science and Marxist economics. He is a Reader at the University of Glasgow. Since 1993 he has authored multiple works in the tradition of scientific socialism, most notably ''Towards a New Socialism'' and ''How the World Works''. Scientific career Cockshott earned a BA in economics (1974) from Manchester University, an MSc (1976) in computer science from Heriot Watt University and a PhD in computer science from Edinburgh University (1982). He has made contributions in the fields of image compression, 3D television, parallel compilers and medical imaging, but became known to a wider audience for his proposals in the multi-disciplinary area of economic computability, most notably as co-author, along the economist , of the book ''Towards a New Socialism'', in which they strongly advocate the use of cybernetics for efficient and democratic planning of a complex socialist econ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bryan Caplan
Bryan Douglas Caplan (born April 8, 1971) is an American economist and author. He is a professor of economics at George Mason University, a senior research fellow at the Mercatus Center, an adjunct scholar at the Cato Institute, and a former contributor to the '' Freakonomics'' blog. He currently publishes his own blog, ''Bet on It''. Caplan is a self-described " economic libertarian". The bulk of Caplan's academic work is in behavioral economics and public economics, especially public choice theory. Early life and education Caplan was born to a Jewish father and a Catholic mother, in Northridge, California, on April 8, 1971. He obtained a B.A. in economics from the University of California, Berkeley in 1993 and a Ph.D. in economics from Princeton University in 1997. Career ''The Myth of the Rational Voter'' '' The Myth of the Rational Voter: Why Democracies Choose Bad Policies'', published in 2007, further develops the "rational irrationality" concept from Caplan's earli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anarcho-capitalism
Anarcho-capitalism (colloquially: ancap or an-cap) is a political philosophy and economic theory that advocates for the abolition of centralized states in favor of stateless societies, where systems of private property are enforced by private agencies. Anarcho-capitalists argue that society can self-regulate and civilize through the voluntary exchange of goods and services. This would ideally result in a voluntary society based on concepts such as the non-aggression principle, free markets and self-ownership. In the absence of statute, private defence agencies and/or insurance companies would operate competitively in a market and fulfill the roles of courts and the police, similar to a state apparatus. Some anarcho-capitalist philosophies understand control of private property as part of the self, and some permit voluntary slavery. The vast majority of anarcho‑capitalists deny this, and critics of capitalism argue that this minority opinion is not unique to anarcho- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bureaucracy
Bureaucracy ( ) is a system of organization where laws or regulatory authority are implemented by civil servants or non-elected officials (most of the time). Historically, a bureaucracy was a government administration managed by departments staffed with non-elected officials. Today, bureaucracy is the administrative system governing any large institution, whether publicly owned or privately owned. The public administration in many jurisdictions is an example of bureaucracy, as is any centralized hierarchical structure of an institution, including Corporation, corporations, Professional association, societies, Nonprofit organization, nonprofit organizations, and Social club, clubs. There are two key dilemmas in bureaucracy. The first dilemma relates to whether bureaucrats should be autonomous or directly accountable to their political masters. The second dilemma relates to bureaucrats' responsibility to follow preset rules, and what degree of latitude they may have to determin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Praxeology
In philosophy, praxeology or praxiology (; ) is the theory of human Action (philosophy), action, based on the notion that humans engage in purposeful behavior, contrary to Reflex, reflexive behavior and other unintentional behavior. French social philosopher Alfred Espinas gave the term its modern meaning, and praxeology was developed independently by two principal groups: the Austrian school, led by Ludwig von Mises, and the Polish school, led by Tadeusz Kotarbiński. Origin and etymology Coinage of the word ''praxeology'' ('':fr:Praxéologie, praxéologie'') is often credited to Louis Bourdeau, the French author of a classification of the sciences, which he published in his ''Théorie des sciences. Plan de science intégrale'' in 1882: However, the term was used at least once previously (with a slight spelling difference), in 1608, by Clemens Timpler in his ''Philosophiae practicae systema methodicum'': It was later mentioned by Robert Flint (theologian), Robert Flint in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commonwealth
A commonwealth is a traditional English term for a political community founded for the common good. The noun "commonwealth", meaning "public welfare, general good or advantage", dates from the 15th century. Originally a phrase (the common-wealth or the common wealth – echoed in the modern synonym "public wealth"), it comes from the old meaning of "wealth", which is "well-being", and was deemed analogous to the Latin ''res publica''. The term literally meant "common well-being". In the 17th century, the definition of "commonwealth" expanded from its original sense of " public welfare" or " commonweal" to mean "a state in which the supreme power is vested in the people; a republic or democratic state". The term evolved to become a title to a number of political entities. Three countries – Australia, the Bahamas, and Dominica – have the official title "Commonwealth", as do four U.S. states and two U.S. territories. Since the early 20th century, the term has been used to name ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Goods
In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. A typical example is the machinery used in a factory. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." The means of production is as a "... series of heterogeneous commodities, each having specific technical characteristics ..." "capital goods", are one of the three types of intermediate goods used in the production process, the other two being land and labour. The three are also known collectively as "primary factors of production". This classification originated during the classical economics period and has remained the dominant method for classification. Capital can be increased by the use of a production process (see production function and factors of production). Outputs of the production process are normally classif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Means Of Production
In political philosophy, the means of production refers to the generally necessary assets and resources that enable a society to engage in production. While the exact resources encompassed in the term may vary, it is widely agreed to include the classical factors of production (land, labour, and capital) as well as the general infrastructure and capital goods necessary to reproduce stable levels of productivity. It can also be used as an abbreviation of the "means of production and distribution" which additionally includes the logistical distribution and delivery of products, generally through distributors; or as an abbreviation of the "means of production, distribution, and exchange" which further includes the exchange of distributed products, generally to consumers. The concept of "Means of Production" is used by researchers in various fields of study — including politics, economics, and sociology — to discuss, broadly, the relationship between anything that can have p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lange–Lerner Theorem
The Lange model (or Lange–Lerner theorem) is a Neoclassical economics, neoclassical economic model for a hypothetical socialist economy based on public ownership of the means of production and a trial-and-error approach to determining output targets and achieving economic equilibrium and Pareto efficiency. In this model, the state owns non-labor factors of production, and market simulations are used by the planning organs to allocate final goods and consumer goods. The Lange model states that if all production is performed by a public body such as the state, and there is a functioning price mechanism, this economy will be Pareto-efficient, like a hypothetical market economy under perfect competition. Unlike models of capitalism, the Lange model is based on direct allocation, by directing enterprise managers to set price equal to marginal cost in order to achieve Pareto efficiency. By contrast, in a capitalist economy, private owners seek to maximize profits, while competitive pres ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Socialism
Market socialism is a type of economic system involving social ownership of the means of production within the framework of a market economy. Various models for such a system exist, usually involving cooperative enterprises and sometimes a mix that includes public or private enterprises. In contrast to the majority of historic self-described socialist economies, which have substituted the market mechanism for some form of economic planning, market socialists wish to retain the use of supply and demand signals to guide the allocation of capital goods and the means of production. Under such a system, depending on whether socially owned firms are state-owned or operated as worker cooperatives, profits may variously be used to directly remunerate employees, accrue to society at large as the source of public finance, or be distributed amongst the population in a social dividend. Market socialism can be distinguished from the concept of the mixed economy because most models of m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
