On the Economic Theory of Socialism, published in 1936 and 1937, is Oskar Lange's reply to Ludwig von Mises in the socialist calculation debate. Lange argued that a central planning board could set and adjust prices for capital goods through a trial and error process modeled on how competitive markets adjust prices, so a planned economy could in principle approximate efficient market pricing without private ownership of capital.
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AuthorOskar Lange
Publication Year1936
Source Typeprimary-text
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