This paper summarises the standard account of the economic calculation debate, the modern Austrian reinterpretation of the debate based on the centrality of tacit knowledge 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 knowledge and Dobb's insistence on ex ante coordination.
The aim of this paper is to further the understanding of the relationship between entrepreneurial success and organisational form. The role of entrepreneurship in the neoclassical, Austrian and competence theory approaches is analysed and five recurring themes are identified: the tacit nature of knowledge relevant for entrepreneurial activity; the presence of tacit knowledge at both the individual and organisational levels; the articulation of tacit knowledge through social processes; the distinction between the entrepreneur and the capitalist; and the motivation for engaging in entrepreneurial activity. Characteristics of the organisational context that emerge as necessary for entrepreneurial success are set out, an organisational framework promoting generalised participation in entrepreneurial activity is outlined and this is then evaluated in comparison with a capitalist system.
This paper consists of a critical analysis of the British school of market socialism and a discussion of participatory planning as an alternative model for a socialist economy. It concludes that market socialism's claim to combine efficiency with socialist objectives is incoherent and that, unlike market socialism, models of participatory planning have the potential to contribute to the renewal of the socialist project.
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