On the Economic Theory of Socialism

On the Economic Theory of Socialism

OSKAR LANGE
FRED M. TAYLOR
BENJAMIN E. LIPPINCOTT Editor
Volume: 2
Copyright Date: 1938
Edition: NED - New edition
Pages: 152
https://www.jstor.org/stable/10.5749/j.ctttsbzm
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  • Book Info
    On the Economic Theory of Socialism
    Book Description:

    On the Economic Theory of Socialism was first published in 1938. Minnesota Archive Editions uses digital technology to make long-unavailable books once again accessible, and are published unaltered from the original University of Minnesota Press editions. Is socialism workable on economic grounds? “No,” say the chief European critics of socialism – von Mises, Robbins, and von Hayek. “Yes,” say Lange and Taylor in these two papers – the first refutation in English of the objections of these economists. There has been consistent demand for this book since it went out of print in 1944. This reprint is in response to that demand.

    eISBN: 978-1-4529-3800-4
    Subjects: Economics

Table of Contents

  1. Front Matter
    (pp. i-vi)
  2. Table of Contents
    (pp. vii-viii)
  3. INTRODUCTION
    (pp. 1-38)
    Benjamin E. Lippincott

    IN the folklore of capitalism is the belief that a socialist economy is impracticable. Like many other beliefs in capitalist culture, this is widely held not only by the man in the street, but also by the economist. Of all the objections that have been raised against socialism, none have been more telling than this: that socialism cannot be worked out in practice. Men of good will might agree that a socialist state of the democratic type is superior to a capitalist on social and moral grounds, but they have given little consideration to such a state, for they have...

  4. THE GUIDANCE OF PRODUCTION IN A SOCIALIST STATE
    (pp. 39-54)
    Fred M. Taylor

    LIKE most teachers of economic theory, I have found it quite worth while to spend some time studying any particular problem in hand from the standpoint of a socialist state. In fact I have more than once found it profitable to work out, from that standpoint, a quite specific solution of the problem in question—setting up as the proper criterion of a sound solution that it should seem entirely reasonable in view of the essential nature of a socialist state. Herein, I am applying this method of procedure to a very fundamental problem of any co-operative economic order, that...

  5. ON THE ECONOMIC THEORY OF SOCIALISM
    (pp. 55-143)
    Oskar Lange

    SOCIALISTS have certainly good reason to be grateful to Professor Mises, the greatadvocatus diaboliof their cause. For it was his powerful challenge that forced the socialists to recognize the importance of an adequate system of economic accounting to guide the allocation of resources in a socialist economy. Even more, it was chiefly due to Professor Mises’ challenge that many socialists became aware of the very existence of such a problem. And although Professor Mises was not the first to raise it, and although not all socialists were as completely unaware of the problem as is frequently held, it...