TY  - JOUR
A1  - Dapprich, Jan Philipp
A1  - Cockshott, William Paul
T1  - Input-output planning and information
T2  - Journal of Economic Behavior & Organization
N2  - In this paper, we show how socialist planning can be based on input-output data. We argue that the information required for this can be obtained by a central planning agency and thus dismiss Hayek’s information argument against socialism. We further show how economic planning can be made responsive to consumer demand through a feedback control mechanism. Output targets of products would be adjusted in response to observed consumer demand or based on predictions about future demand. Planners can use machine learning to make more accurate forecasts. The valuation of goods plays an important role in the feedback control mechanism. The values of goods can either be measured by the labour time necessary for their production (labour values) or through shadow prices based on linear programming.
Y1  - 2022
UR  - https://publishup.uni-potsdam.de/frontdoor/index/index/docId/57646
SN  - 0167-2681
IS  - 205
SP  - 412
EP  - 422
PB  - Elsevier
CY  - Amsterdam
ER  -