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Economic calculation problem

The economic calculation problem (ECP) is a criticism of using central economic planning (rather than market-based mechanisms) for the 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, who reframed the…

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Overview

Theory

Implementation of central planning decisions

Limitations and criticism

Bibliography

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Map overview Semantic statistics

Economic calculation problem

Nodes98
Edges97
Triples17
Avg. degree1.98
Density0.020408
Components1

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Economic calculation problem

Top relations

related to Exaggerated claims · 6
Economic calculation problem → Austrian School, Bryan Caplan, Caplan, In, Mises, One
related to Subject · 6
Economic calculation problem → Economic Calculation, Mises, Otto Neurath's, Socialist Commonwealth, State, The
is a · 1
Economic calculation problem → problem for socialism

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Important terminology

economic socialism calculation socialist market mises hayek economy argued information system prices central planning production markets would rational problem price

Entity relationships Subject–Predicate–Object triples

SubjectPredicateObjectConfidenceSrc
Economic calculation problemis aproblem for socialism0.90text
an economy.Howeverinstance ofIt may be impossible to make long-term predictions for a highly complex system0.80text
Hayek's argumentation is not only regarding computational complexity for the central plannersinstance ofIt may be impossible to make long-term predictions for a highly complex system0.80text
Janos Kornaiinstance ofslowly leads socialism down the road to an oppressive dictatorship.Central planning was also criticized by socialist economists0.80text
Alexander Noveinstance ofslowly leads socialism down the road to an oppressive dictatorship.Central planning was also criticized by socialist economists0.80text
Economic calculation problemrelated to Exaggerated claimsOne0.60section
Economic calculation problemrelated to Exaggerated claimsIn0.60section
Economic calculation problemrelated to Exaggerated claimsAustrian School0.60section
Economic calculation problemrelated to Exaggerated claimsBryan Caplan0.60section
Economic calculation problemrelated to Exaggerated claimsMises0.60section
Economic calculation problemrelated to Exaggerated claimsCaplan0.60section
Economic calculation problemrelated to SubjectThe0.60section

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    Min side: 3
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