{"title":"Entrepreneurship and Decentralised Investment in a Planned Economy","authors":"Maxi Nieto","doi":"10.1163/1569206x-12341995","DOIUrl":null,"url":null,"abstract":"\n Since the 1980s, authors of the Austrian School have argued that the problem of rational allocation in a planned economy is not computational or technical in nature (static optimisation, with given information) but a question of dynamic efficiency (innovation and the creation of new information), and that this would be impossible without market processes and free entrepreneurship. In this article, we argue to the contrary that a planned economy can effectively drive dynamic efficiency. We first reveal that the Austrian thesis on the impossibility of dynamic efficiency in socialist planning is based on tautological arguments, or on problems already solved by technological development. Secondly, we present an institutional formula for promoting innovative activities and entrepreneurship within a framework of social ownership of the means of production and social control of investment.","PeriodicalId":46231,"journal":{"name":"Historical Materialism-Research in Critical Marxist Theory","volume":" ","pages":""},"PeriodicalIF":0.9000,"publicationDate":"2021-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"3","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Historical Materialism-Research in Critical Marxist Theory","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.1163/1569206x-12341995","RegionNum":4,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"0","JCRName":"PHILOSOPHY","Score":null,"Total":0}
引用次数: 3
Abstract
Since the 1980s, authors of the Austrian School have argued that the problem of rational allocation in a planned economy is not computational or technical in nature (static optimisation, with given information) but a question of dynamic efficiency (innovation and the creation of new information), and that this would be impossible without market processes and free entrepreneurship. In this article, we argue to the contrary that a planned economy can effectively drive dynamic efficiency. We first reveal that the Austrian thesis on the impossibility of dynamic efficiency in socialist planning is based on tautological arguments, or on problems already solved by technological development. Secondly, we present an institutional formula for promoting innovative activities and entrepreneurship within a framework of social ownership of the means of production and social control of investment.
期刊介绍：
Historical Materialism is an interdisciplinary journal dedicated to exploring and developing the critical and explanatory potential of Marxist theory. The journal started as a project at the London School of Economics from 1995 to 1998. The advisory editorial board comprises many leading Marxists, including Robert Brenner, Maurice Godelier, Michael Lebowitz, Justin Rosenberg, Ellen Meiksins Wood and others. Marxism has manifested itself in the late 1990s from the pages of the Financial Times to new work by Fredric Jameson, Terry Eagleton and David Harvey. Unburdened by pre-1989 ideological baggage, Historical Materialism stands at the edge of a vibrant intellectual current, publishing a new generation of Marxist thinkers and scholars.
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