Economic calculation problem
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The economic calculation problem is a criticism of using economic planning as a substitute for market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek.
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See also
- Decentralized planning (economics)
- Economic planning
- Enrico Barone
- Input-output model
- Lange model
- Local knowledge problem
- Market socialism
- New Economic Policy
- Otto Neurath
- Post-scarcity economy
- Production for use
- Real prices and ideal prices
- Red Plenty
- Self-managed economy
- Socialism
- Socialist calculation debate
- Socialization (economics)
- Tax choice
- Transition economy
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