Concept information
Preferred term
socialist calculation debate
Definition
- The socialist calculation debate revolves around the question of whether central planners can, at least in principle, make the economic calculations necessary to achieve the rational, efficient allocation of society's economic resources. In 1920, Ludwig von Mises argued powerfully that such economic calculation cannot be made; economic theory demonstrates that rational central planning is simply impossible. [Source: The Encyclopedia of Libertarianism; Socialist Calculation Debate]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/socialist_calculation_debate
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