[ Pobierz całość w formacie PDF ]
.The most popular contemporary argument of this kind can be find in the economics of information.According to the argument the incentive problems that socialist planners would confront in organizing economic life are enormous and the opportunities for opportunistic behavior on the part of planning bureaucrats are too numerous for an efficient economic organization to be realized.Simply, it was rather naive to hold, as Lange did, that managers of firms in a socialist economy could be expected to follow rules aimed at operating plants in a efficient manner and equating prices to marginal costs.Without the penalties existing in capitalism (such as bankruptcy), managers of socialist firms will behave in ways that will ruin the efficiency of firms.They will simply realize their own interest and not that of the firm.In addition, similar argument concerns central planners deciding about the central plan for the whole economy.They also do not have any incentive in proposing a plan, which would imitate the functioning of capitalist economy.They rather will be engaged in opportunistic behaviour, trying to achieve some kind of political rent and they will not care about the efficiency of the economy.Therefore, from the perspective of modern neoclassical economics, socialism cannot work; but not for the reasons emphasized by Hayek and other Austrian economists.That the majority of modern economists think that socialism in practice is not as efficient as capitalism, does not mean that the debate on socialism versus capitalism is over.Quite to the contrary.In recent years, some, mostly American, economists, trained in modern mainstream economics, but who held strong left-wing views, have formulated several modern arguments for socialist organization of the economy.Those models make use of modern advanced economic theories taken from economics of information and even artificial intelligence.The models are quite complicated, but formulated in accordance with mainstream standards; they are mathematical and funded on the recent achievements of mainstream economics.So the debate on relative economic advantages of capitalism and socialism continues in some respects, but at this point, the majority of economists in the world hold the opinion that socialism is not as efficient as capitalism.So much on the debate and the Austrian economics contribution to it.With Austrian school of economics, we have finished the discussion of the period in which neoclassical economics ruled in economic world, that is the period from 1870 to 1930s.We have discussed the views of the founders of neoclassical economics, Marshall and Walras, and the views of some critics of this approach - institutionalism, historical school of economics and Austrian school of economics.6 [ Pobierz całość w formacie PDF ]
zanotowane.pl doc.pisz.pl pdf.pisz.pl matkasanepid.xlx.pl
.The most popular contemporary argument of this kind can be find in the economics of information.According to the argument the incentive problems that socialist planners would confront in organizing economic life are enormous and the opportunities for opportunistic behavior on the part of planning bureaucrats are too numerous for an efficient economic organization to be realized.Simply, it was rather naive to hold, as Lange did, that managers of firms in a socialist economy could be expected to follow rules aimed at operating plants in a efficient manner and equating prices to marginal costs.Without the penalties existing in capitalism (such as bankruptcy), managers of socialist firms will behave in ways that will ruin the efficiency of firms.They will simply realize their own interest and not that of the firm.In addition, similar argument concerns central planners deciding about the central plan for the whole economy.They also do not have any incentive in proposing a plan, which would imitate the functioning of capitalist economy.They rather will be engaged in opportunistic behaviour, trying to achieve some kind of political rent and they will not care about the efficiency of the economy.Therefore, from the perspective of modern neoclassical economics, socialism cannot work; but not for the reasons emphasized by Hayek and other Austrian economists.That the majority of modern economists think that socialism in practice is not as efficient as capitalism, does not mean that the debate on socialism versus capitalism is over.Quite to the contrary.In recent years, some, mostly American, economists, trained in modern mainstream economics, but who held strong left-wing views, have formulated several modern arguments for socialist organization of the economy.Those models make use of modern advanced economic theories taken from economics of information and even artificial intelligence.The models are quite complicated, but formulated in accordance with mainstream standards; they are mathematical and funded on the recent achievements of mainstream economics.So the debate on relative economic advantages of capitalism and socialism continues in some respects, but at this point, the majority of economists in the world hold the opinion that socialism is not as efficient as capitalism.So much on the debate and the Austrian economics contribution to it.With Austrian school of economics, we have finished the discussion of the period in which neoclassical economics ruled in economic world, that is the period from 1870 to 1930s.We have discussed the views of the founders of neoclassical economics, Marshall and Walras, and the views of some critics of this approach - institutionalism, historical school of economics and Austrian school of economics.6 [ Pobierz całość w formacie PDF ]