Economics

Information and Economics: A Critique of Hayek

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In a series of recent writings we have sought to re-open a debate over the economics of socialism. We have argued that the collapse of the Soviet system does not necessitate the conclusion that all forms of socialist economy are doomed to inefficiency. Updating and extending a line of reasoning found in Lange (1967) and Johansen (1977),1 we have claimed that modern information technology permits the construction of a form of planned economy that is both equitable and efficient.2 We mention these points to place the present piece in context; we shall not, however, attempt to justify them here. Our present object is more specific, namely to rebut the criticisms of socialist economic planning put forward by Hayek in his 1945 article “The Use of Knowledge in Soviet

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Information and Economics: A Critique of Hayek

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English

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Economics

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