Abstract
Abstract In the 1920s, Austrian?school economists began to argue that in a fully socialized economy, free of competitively generated prices, central planners would have no way to calculate which methods of production would be the most economical. They claimed that this ?economic calculation problem? showed that socialism is ?impossible.? Although many believe that the Austrian position was later vindicated by the collapse of the Soviet bloc, the Austrian school's own methodology disallows such a conclusion. And historical evidence suggests that poor incentives?not lack of economic calculation?were the main source of the economic defects of ?really existing socialism.?
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DOI 10.1080/08913810408443598
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References found in this work BETA

On the Economic Theory of Socialism.Oskar Lange - 1939 - Philosophical Review 48:445.

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Citations of this work BETA

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Toward a New Consensus on the Economics of Socialism: Rejoinder to My Critics.Bryan Caplan - 2005 - Critical Review: A Journal of Politics and Society 17 (1-2):203-220.

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