The Experts below are selected from a list of 65577 Experts worldwide ranked by ideXlab platform
Andy Denis - One of the best experts on this subject based on the ideXlab platform.
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Private Property or Several Control: a Rejoinder
Review of Political Economy, 2017Co-Authors: Andy DenisAbstract:Following Mises’s foundational paper, ‘Economic Calculation in the Socialist Commonwealth’, first published in 1920, writers in the Austrian tradition have argued that socialism is impossible, because under socialism there would be no private property in the means of production, and without that private property Economic Calculation could not take place. In the article ‘Economic Calculation: Private Property or Several Control?’, published in this journal in 2015, I argued that this was mistaken. Not private property, but several control, was required for Economic Calculation, and since several control is consistent with public ownership, this argument for the impossibility of socialism fails. Another article, ‘Private Property and Economic Calculation: A Reply to Andy Denis’, by Bylund and Manish, published in this issue of the Review of Political Economy, defends the traditional interpretation of Austrian reasoning, contending that my argument fails. My rejoinder re-states the issues, addressing, and, ultimately rejecting, the Bylund and Manish critique.
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Economic Calculation: Private Property or Several Control?
Review of Political Economy, 2015Co-Authors: Andy DenisAbstract:As the centenary of the 1917 Russian revolution approaches, it is worth reviewing the past 100 years' discussion amongst economists on the possibility--or otherwise--of Economic planning under socialism. The socialist Calculation debate is of fundamental importance, not merely as a specialist application of Economic ideas, but as an investigation of the foundations of Economic activity. Every Economic action is premised upon Calculation, every choice depends upon an assessment of the costs and benefits of each alternative between which the agent must choose. The view of that choice and its attendant Calculation is constitutive of the schools of thought--Marxian, neoclassical and Austrian--which have contributed to the debate. An understanding of the Calculation debate is therefore required to understand how these paradigms stand in relation to each other. This article addresses one aspect of that debate--the claim by Austrian economists that socialism is impossible because the absence of private property in the means of production precludes Economic Calculation. The article suggests that several control rather than private property is required for Economic Calculation, and that several control is consistent with public ownership of the means of production. The Austrian argument on this point, therefore, is without force.
G. P. Manish - One of the best experts on this subject based on the ideXlab platform.
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Private Property and Economic Calculation: A Reply to Andy Denis
Review of Political Economy, 2017Co-Authors: Per L. Bylund, G. P. ManishAbstract:ABSTRACTTwo years ago, in an article in this journal, Andy Denis revisited and added to the Socialist Calculation Debate, one of the 20th century’s greatest debates in Economic theory. Denis argued that Austrian economists draw unsupported conclusions from their argument in claiming that private rather than several property is necessary for Economic Calculation. We note in this article that Denis’ argument rests on two key points: first, that the legal owners of capital, or the capitalists, play a purely passive role in the resource allocation process, and, second, that it is the managers who bear the entire burden of speculative decision making and Economic Calculation. We then proceed to criticize both points. Key to our argument is the fundamental insight of Austrian Economics that the market is an open-ended process of discovery, coordination and value creation, where resource ownership and allocation is impossible to sever from entrepreneurship due to the inherent uncertainty of the future. We argue ...
Virgil Henry Storr - One of the best experts on this subject based on the ideXlab platform.
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Schumpeter, Socialism, and Irony
Critical Review, 2017Co-Authors: Peter J. Boettke, Solomon M. Stein, Virgil Henry StorrAbstract:ABSTRACTSchumpeter’s theory of socialism pivots on his response to Ludwig von Mises’s claim that rational Economic Calculation is “impossible” in a socialist economy. Mises held that because social...
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on the hermeneutics debate an introduction to a symposium on don lavoie s the interpretive dimension of Economics science hermeneutics and praxeology
The Review of Austrian Economics, 2011Co-Authors: Virgil Henry StorrAbstract:Donald Lavoie is best known outside of Austrian Economics for his work on the “socialist Calculation debate.” In his Rivalry and Central Planning (1985), published by Cambridge University Press, he argued that the traditional account of the debate over the possibility of rational Economic Calculation under socialism was incorrect. While it was widely argued that the Austrians lost that debate to the market socialists, Lavoie established that Lange and Lerner never really addressed Mises and Hayek's chief concerns. Rather than losing the debate, as Lavoie demonstrated, the Austrians actually won it. After Lavoie, it became impossible to maintain the standard account.
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On the hermeneutics debate: An introduction to a symposium on Don Lavoie's “The Interpretive Dimension of Economics—Science, Hermeneutics, and Praxeology”
The Review of Austrian Economics, 2010Co-Authors: Virgil Henry StorrAbstract:Donald Lavoie is best known outside of Austrian Economics for his work on the “socialist Calculation debate.” In his Rivalry and Central Planning (1985), published by Cambridge University Press, he argued that the traditional account of the debate over the possibility of rational Economic Calculation under socialism was incorrect. While it was widely argued that the Austrians lost that debate to the market socialists, Lavoie established that Lange and Lerner never really addressed Mises and Hayek's chief concerns. Rather than losing the debate, as Lavoie demonstrated, the Austrians actually won it. After Lavoie, it became impossible to maintain the standard account.
Per L. Bylund - One of the best experts on this subject based on the ideXlab platform.
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Private Property and Economic Calculation: A Reply to Andy Denis
Review of Political Economy, 2017Co-Authors: Per L. Bylund, G. P. ManishAbstract:ABSTRACTTwo years ago, in an article in this journal, Andy Denis revisited and added to the Socialist Calculation Debate, one of the 20th century’s greatest debates in Economic theory. Denis argued that Austrian economists draw unsupported conclusions from their argument in claiming that private rather than several property is necessary for Economic Calculation. We note in this article that Denis’ argument rests on two key points: first, that the legal owners of capital, or the capitalists, play a purely passive role in the resource allocation process, and, second, that it is the managers who bear the entire burden of speculative decision making and Economic Calculation. We then proceed to criticize both points. Key to our argument is the fundamental insight of Austrian Economics that the market is an open-ended process of discovery, coordination and value creation, where resource ownership and allocation is impossible to sever from entrepreneurship due to the inherent uncertainty of the future. We argue ...
Sue Clegg - One of the best experts on this subject based on the ideXlab platform.
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Economic Calculation market incentives and academic identity breaking the research teaching dualism
International Journal of Management Concepts and Philosophy, 2008Co-Authors: Sue CleggAbstract:This article argues that as institutions, universities are being recast in policy discourse as serving particular external agendas shaped by Economic Calculation and market incentives. The result has been that a wedge has been driven between research and teaching, and that both are mis-described in utilitarian terms as serving the market and 'employability'. The article makes the case for more careful descriptions of the purposes of research and education based on the unity of academic identity and the value of intellectual enquiry. Such a model has implications for the organisation, for universities, and for their broader civic functions.
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Economic Calculation, market incentives and academic identity: breaking the research/teaching dualism?
International Journal of Management Concepts and Philosophy, 2008Co-Authors: Sue CleggAbstract:This article argues that as institutions, universities are being recast in policy discourse as serving particular external agendas shaped by Economic Calculation and market incentives. The result has been that a wedge has been driven between research and teaching, and that both are mis-described in utilitarian terms as serving the market and 'employability'. The article makes the case for more careful descriptions of the purposes of research and education based on the unity of academic identity and the value of intellectual enquiry. Such a model has implications for the organisation, for universities, and for their broader civic functions.
