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Copyright © Cambridge Political Economy Society

research-article

The economics calculation debate: lessons for socialists

Fikret Adaman and Pat Devine*

Abstract

This paper summarises the standard account of the economic calculation debate, the modern Austrian reinterpretation of the debate based on the centrality of tacit knoweledge and discovery, and a neglected third strand in the historical debate, Dobb's insistence on the uncertainty associated with atomistic decision making and the need for ex ante planning. It then draws some lessons for socialists from the debate and considers a possible market socialist response to the modern Austrian challenge. The paper ends by outlining a model of participatory planning which incorporates both the modern Austrians' insight into the importance of tacit knoweledge and Dobb's insistance on ex ante coordination.

Manuscript received May 16, 1994;
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