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Cambridge Journal of Economics 27:97-121 (2003)
Copyright © 2003 Cambridge Political Economy Society

Article

New market socialism: a case for rejuvenation or inspired alchemy?

Dimitris Milonakis *

*Department of Economics, University of Crete.

Address for correspondence: Karditsas 54-6, K. Halandri, 15231 Athens, Greece; email: milonaki{at}otenet.gr

Abstract

The aim of this paper is to examine the relative merits and drawbacks of two recent models of market socialism proposed by Bardhan and Roemer. This is done, first, by putting these models into the perspective of the history of economic thought. Thus, after presenting the basic elements of the early Lange model as well as the Austrian and ‘new information economics’ critiques, the necessary comparisons and contrasts are made to see what new light these new models bring into this debate. In addition, the internal consistency and coherence of these models is checked in terms of their own proclaimed goals. Last, a more radical methodological critique is provided.

Key Words: Market • Socialism • Information • Knowledge • Incentives


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