Abstract
This is a designation commonly used to denote a market-oriented socialism model devised by Lange, who later amended it after public discussion with Lerner. The first, fundamental part of Lange’s study was published together with A.P. Lerner’s (1936) critical remarks in the same issue of the Review of Economic Studies, while the second part appeared together with Lange’s reply to Lerner (1937). Later on, Lange made the changes necessary to publish his study (together with F.M. Taylor’s essay) in book form (1938). The term is occasionally used in a less restricted sense, to bring out the similarity of Lange’s and Lerner’s views on other matters concerning market socialism.
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Bibliography
Lange, O. 1936–7. On the economic theory of socialism. Pts I–II. Review of Economic Studies 4, Pt I, October 1936, 53–71; Pt II, February 1937, 123–142.
Lange, O., and F.M. Taylor. 1938. On the economic theory of socialism. Ed. and with an introduction by Benjamin E. Lippincott. Minneapolis: University of Minnesota Press. Reprinted, New York: McGraw-Hill, 1964.
Lerner, A.P. 1936. A note on socialist economics. Review of Economic Studies 4: 72–76.
Taylor, F.M. 1929. The guidance of production in a socialist state. American Economic Review 19: 1–8.
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Kowalik, T. (2018). Lange–Lerner Mechanism. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1158
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1158
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