Abstract
The general idea underlying socialist planning is that the market economy is a good system for ensuring micro-economic rationality (e.g. the efficient organisation of production within individual factories) but that it fails to ensure macro-economic and macro-social rationality (e.g. unemployment, poverty, inequality, pollution, wars). Hence to ensure national economic rationality requires using the state as an instrument to manage the national economy in a way analogous to that in which individual firms manage their factories.
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Bibliography
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© 1990 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Ellman, M. (1990). Socialist Planning. In: Eatwell, J., Milgate, M., Newman, P. (eds) Problems of the Planned Economy. The New Palgrave. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-20863-0_2
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DOI: https://doi.org/10.1007/978-1-349-20863-0_2
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