The economic calculation debate: lessons for socialists

Article Abstract:

A debate between the Austrian school of economics and the neoclassical school hinged on rational economic calculation with the state owning economic assets. This debate can still shed light on the extent to which a socialist economy can be successfully set up and organized. Maurice Dobb has emphasized the importance of planning, while the Austrian school has provided insights into the characteristics of knowledge. Participatory planning and democracy are important when developing any future socialist economic system.

Austrian school of economics

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Neoclassical and Marxian models of production: a reply to Young

Article Abstract:

The notion that there is common ground between Marxian economic models and the theoretic neoclassical models of production is incorrect. This misconception is based on a misinterpretation of the neoclassical semantics. Marxist and neoclassicist production economics share common issues but this does not imply an intersection of the theories. Furthermore, fusion of Marxist and neoclassicist economics will never come about because Marxism operates against a more extensive background than neoclassical economics.

Models, Marxist economics, Production (Economics)

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The appeal of neoclassical economics: some insights from Keynes's epistemology

Article Abstract:

Keynes's epistemology suggests the incorporation of a number of approaches in the development of realistic economic theories. The Keynesian general equilibrium theory attempts to reduce the uncertainties by eliminating the uncertainties of indirect knowledge and developing rational knowledge. Enhancing the elements of certainty means increased application of economic theories in policy making. The emphasis on enhancing the utility of neoclassical economics makes it popular among economists.

Economic aspects, Methodology, Research methods, Keynesian economics, Uncertainty

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