Money, money prices, and the socialist calculation debate

Horwitz, Steven

doi:10.1016/s1529-2134(96)03005-0

Cited by 38 publications

(11 citation statements)

References 7 publications

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“…Even if a government has the right incentives and tries honestly to improve economic conditions, it lacks the knowledge and understanding of market fluctuations and possibilities that it would need in order to improve on an economy's resource allocation (Lavoie 1985;Horwitz 1996;Boettke 1998).…”

Section: The Political Economy Framework and Its Application To Sezsmentioning

confidence: 99%

The Practice of Industrial Policy

Page¹,

Tarp²

2017

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Section: The Political Economy Framework and Its Application To Sezsmentioning

confidence: 99%

The Practice of Industrial Policy

Page¹,

Tarp²

2017

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“…The existence of economic knowhow is dependent upon the 'knowing that' provided by market prices as a means of calculation. The entrepreneurs exercising economic know-how act, as Horwitz (1996, p. 72) puts it, 'within a set of institutions, namely markets with money prices, that provide them with information about what to do and how to do it.' Just as prices are a necessary precondition for knowledge discovery (see Section 5.2 above), they are also a prerequisite for the exercising of economic know-how.…”

Section: Tacit Knowledgementioning

confidence: 99%

“…Drawing from the work of Hayek, certain writers emphasise that the essential function of markets is not computational but epistemological (Horwitz, 1996;Boettke, 1993, pp. 52-53;Hodgson, 1998).…”

mentioning

confidence: 99%

Planning and Know-how: The Relationship between Knowledge and Calculation in Hayek's Case for Markets

Greenwood

2007

Review of Political Economy

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“…Advocates of economic planning argued that the primary problem faced by decision makers was technical: obtaining the information that consumers wanted and incorporating that information into production decisions. This argument has resurfaced in the context of modern computers and memory that allow calculation at ever greater speeds and precision (Horwitz 1996).…”

Section: The Economic Calculation Debate Revisitedmentioning

confidence: 99%

Urban Planning, Smart Growth, and Economic Calculation: An Austrian Critique and Extension

Staley

2004

The Review of Austrian Economics

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Abstract. This paper takes a critical look at the Smart Growth movement and its reliance on traditional central planning to achieve its goals. Using statewide planning in Oregon, Florida, and Washington State as examples, the paper examines the planning focus of recent efforts to manage growth through land-use planning at the state level. It then applies the Austrian critique of economic planning to the contemporary Smart Growth movement in the United States as it is reflected in statewide planning laws. The calculation debate focused primarily on the technical question of whether bureaucratic planning could, in fact, achieve market outcomes. In the current debate over Smart Growth, planning combines political and bureaucratic decisionmaking. The political context in which planning decisions are made fundamentally alters the decision making process, shifting the emphasis to articulate knowledge as the foundation for policymaking. To be relevant in the current debate over planning, the calculation debate needs to be extended to include a political dimension to its critique of planning.

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Money, money prices, and the socialist calculation debate

Cited by 38 publications

References 7 publications

The Practice of Industrial Policy

The Practice of Industrial Policy

Planning and Know-how: The Relationship between Knowledge and Calculation in Hayek's Case for Markets

Urban Planning, Smart Growth, and Economic Calculation: An Austrian Critique and Extension

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