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On the Economic Theory of Socialism: Part One

Oskar Lange · The Review of Economic Studies 4(1), 53–71 · 1936

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Type: Article
Author: Oskar Lange
Identifier: DOI 10.2307/2967660
Accessed: 2026-09-01

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EstablishedMises (1920) argued that without private ownership of and market prices for the means of production, a socialist economy could not calculate costs rationally; Lange (1936–37) replied that a planning board could reach equilibrium prices by trial and error.