Economics Dictionary of ArgumentsHome
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| Planned economy: A planned economy is an economic system where the government controls production, distribution, and prices, rather than market forces. Central authorities set goals, allocate resources, and regulate industries to achieve economic and social objectives. This system contrasts with market economies, where supply and demand drive economic decisions. See also Socialism, Communism, State capitalism, Economic systems._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Friedrich A. von Hayek on Planned Economy - Dictionary of Arguments
Coyne I 11 Planned economy/Mises/Hayek/Coyne/Boettke: During what became known as the "socialist calculation debate," Ludwig von Mises and F.A. Hayek engaged in an intellectual debate over the feasibility of socialism as a means of economic organization. Socialist thinkers argued that advanced material production could be achieved through central economic planning while avoiding the various ills of capitalism - market failure, economic downturns, unemployment. For the first wave of socialist thinkers, central planning involved the abolition of money and property rights in the means of production. In place of markets, comprehensive economic planning by a government agency would determine what was to be made, how it was to be produced, and how it was to be distributed. Mises challenged this vision by arguing that rational economic calculation under socialism was impossible in an advanced industrial economy. >Socialism/Mises, >Calculation, >Price/Mises, >Planned Economy/Soviet Union._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Hayek I Friedrich A. Hayek The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2) Chicago 2007 Coyne I Christopher J. Coyne Peter J. Boettke The Essential Austrian Economics Vancouver 2020 |
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