Input-output planning and information
- 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.
Additional Services
| Author details: | Jan Philipp DapprichORCiDGND, William Paul CockshottGND |
|---|---|
| DOI: | https://doi.org/10.1016/j.jebo.2022.10.043 |
| ISSN: | 0167-2681 |
| Title of parent work (English): | Journal of Economic Behavior & Organization |
| Publisher: | Elsevier |
| Place of publishing: | Amsterdam |
| Publication type: | Article |
| Language: | English |
| Date of first publication: | 2022/12/01 |
| Publication year: | 2023 |
| Release date: | 2023/01/25 |
| Issue: | 205 |
| First page: | 412 |
| Last Page: | 422 |
| Funding institution: | Initiative für Demokratie und Moderne e.V. |
| Organizational units: | Wirtschafts- und Sozialwissenschaftliche Fakultät / Sozialwissenschaften |
| DDC classification: | 3 Sozialwissenschaften / 30 Sozialwissenschaften, Soziologie / 300 Sozialwissenschaften |
| License (German): |  Keine öffentliche Lizenz: Unter Urheberrechtsschutz |
