The Lange idea of managers following marginal cost-pricing rules because they are instructed to do so, while the central planning board continually a… - Mark Blaug
" "The Lange idea of managers following marginal cost-pricing rules because they are instructed to do so, while the central planning board continually alters the prices of both producer and consumer goods so as to reduce their excess demands to zero, is so administratively naive as to be positively laughable. Only those drunk on perfectly competitive, static equilibrium theory could have swallowed such nonsense. ... in all the recent calls for reform of Soviet bloc economies, no one has ever suggested that Lange was of any relevance whatsoever. And still more ironically, Lange’s “market socialism” is, on its own grounds, socialism without anything that can be called market transactions.
English
Collect this quote
About Mark Blaug
Mark Blaug FBA (3 April 1927 – 18 November 2011) was a Dutch-born British economist.
Also Known As
Birth Name:
Norbert Blauaug
Alternative Names:
M. Blaug
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by Mark Blaug
Modern economics is “sick”. Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences. Economists have gradually converted the subject into a sort of social mathematics in which analytical rigor as understood in math departments is everything and empirical relevance (as understood in physics departments) is nothing. If a topic cannot be tackled by formal modelling, it is simply consigned to the intellectual underworld. To pick up a copy of American Economic Review or Economic Journal, not to mention Econometrica or Review of Economic Studies these days is to wonder whether one has landed on a strange planet in which tedium is the deliberate objective of professional publication. Economics was condemned a century ago as “the dismal science”, but the dismal science of yesterday was a lot less dismal than the soporific scholasticism of today.
Unlimited Quote Collections
Organize your favorite quotes without limits. Create themed collections for every occasion with Premium.
Why did his interest in the concept of spontaneous order and the history of the doctrine of unintended social consequences undergo very little development after the 1960s? All of his political writings are in fact amazingly repetitious, exploring a small number of big themes which, however, are not further refined or extended in new contexts. As organizing concepts, they held, I am convinced, enormous potentialities but nevertheless Hayek himself failed to realize them.
Loading...