From market to non-market: an autonomous agent approach to central planning

Greenwood, D. 2007. From market to non-market: an autonomous agent approach to central planning. Knowledge Engineering Review. 22 (4), pp. 349-360.

TitleFrom market to non-market: an autonomous agent approach to central planning
AuthorsGreenwood, D.
Abstract

In the longstanding debate in political economy about the feasibility of socialism, the Austrian School of Economists have argued that markets are an indispensable means of evaluating goods, hence a prerequisite for productive efficiency. Socialist models for non-market economic calculation have been strongly influenced by the equilibrium model of neoclassical economics. The Austrians contend that these models overlook the essence of the calculation problem by assuming the availability of knowledge that can be acquired only through the market process itself. But the debate in political economy has not yet considered the recent emergence of agent-based systems and their applications to resource allocation problems. Agent-based simulations of market exchange offer a promising approach to fulfilling the dynamic functions of knowledge encapsulation and discovery that the Austrians show to be performed by markets. Further research is needed in order to develop an agent-based approach to the calculation problem, as it is formulated by the Austrians. Given that the macro-level objectives of agent-based systems can be easily engineered, they could even become a desirable alternative to the real markets that the Austrians favour.

JournalKnowledge Engineering Review
Journal citation22 (4), pp. 349-360
ISSN0269-8889
YearDec 2007
PublisherCambridge University Press
FileGreenwood_2007_proof_version.pdf
Digital Object Identifier (DOI)doi:10.1017/S0269888907001129
Publication dates
PublishedDec 2007

Related outputs

Evaluating coordination and learning within governance: open epistemological issues
Greenwood, D. 2018. Evaluating coordination and learning within governance: open epistemological issues. in: Dotti, N.F. (ed.) Knowledge, Policymaking and Learning for European Cities and Regions: From Research to Practice Cheltenham Edward Elgar. pp. 219-230

Streamlining or watering down? Assessing the 'smartness' of policy and standards for the promotion of low and zero carbon homes in England 2010-15
Greenwood, D., Congreve, A. and King, M. 2017. Streamlining or watering down? Assessing the 'smartness' of policy and standards for the promotion of low and zero carbon homes in England 2010-15. Energy Policy. 110, pp. 490-499.

Governance, Coordination and Evaluation: the case for an epistemological focus and a return to C.E. Lindblom
Greenwood, D. 2016. Governance, Coordination and Evaluation: the case for an epistemological focus and a return to C.E. Lindblom. Political Research Quarterly. 69 (1), pp. 30-42.

In search of green political economy: steering markets, innovation and the case of the zero carbon homes agenda in England
Greenwood, D. 2015. In search of green political economy: steering markets, innovation and the case of the zero carbon homes agenda in England. Environmental Politics. 24 (3), pp. 423-441.

The challenge of policy coordination for sustainable sociotechnical transitions: the case of the zero-carbon homes agenda in England
Greenwood, D. 2012. The challenge of policy coordination for sustainable sociotechnical transitions: the case of the zero-carbon homes agenda in England. Environment and Planning C: Government and Policy. 30 (1), pp. 162-179.

The problem of coordination in politics: what critics of neoliberalism might draw from its advocates
Greenwood, D. 2011. The problem of coordination in politics: what critics of neoliberalism might draw from its advocates. Polity. 43 (1), pp. 36-57.

Facing complexity: democracy, expertise and the discovery process
Greenwood, D. 2010. Facing complexity: democracy, expertise and the discovery process. Political Studies. 58 (4), pp. 769-788.

Markets, large projects and sustainable development: traditional and new planning in the Thames Gateway
Greenwood, D. and Newman, P. 2010. Markets, large projects and sustainable development: traditional and new planning in the Thames Gateway. Urban Studies. 47 (1), pp. 105-119.

From market to non-market: an autonomous agent approach to central planning
Greenwood, D. 2009. From market to non-market: an autonomous agent approach to central planning. in: Bullock, S., Noble, J., Watson, R. and Bedau, M.A. (ed.) Artificial Life XI: Proceedings of the Eleventh International Conference on the Simulation and Synthesis of Living Systems Cambridge, MA MIT Press.

Non-market coordination: towards an ecological response to Austrian economics
Greenwood, D. 2008. Non-market coordination: towards an ecological response to Austrian economics. Environmental Values. 17 (4), pp. 521-541.

Planning and know-how: the relationship between knowledge and calculation in Hayek's case for markets
Greenwood, D. 2007. Planning and know-how: the relationship between knowledge and calculation in Hayek's case for markets. Review of Political Economy. 19 (3), pp. 419-434.

The halfway house: democracy, complexity, and the limits to markets in green political economy
Greenwood, D. 2007. The halfway house: democracy, complexity, and the limits to markets in green political economy. Environmental Politics. 16 (1), pp. 73-91.

Commensurability and beyond: from Mises and Neurath to the future of the socialist calculation debate
Greenwood, D. 2006. Commensurability and beyond: from Mises and Neurath to the future of the socialist calculation debate. Economy and Society. 35 (1), pp. 65-90.

Permalink - https://westminsterresearch.westminster.ac.uk/item/9193y/from-market-to-non-market-an-autonomous-agent-approach-to-central-planning


Share this
Tweet
Email