Input-output planning and information
Dapprich, P. and Cockshott, W.P. 2023. Input-output planning and information. Journal of Economic Behavior & Organization. 205, pp. 412-422. https://doi.org/10.1016/j.jebo.2022.10.043
Dapprich, P. and Cockshott, W.P. 2023. Input-output planning and information. Journal of Economic Behavior & Organization. 205, pp. 412-422. https://doi.org/10.1016/j.jebo.2022.10.043
| Title | Input-output planning and information |
|---|---|
| Type | Journal article |
| Authors | Dapprich, P. and Cockshott, W.P. |
| Abstract | 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. |
| Journal | Journal of Economic Behavior & Organization |
| Journal citation | 205, pp. 412-422 |
| ISSN | 0167-2681 |
| Year | 2023 |
| Publisher | Elsevier |
| Digital Object Identifier (DOI) | https://doi.org/10.1016/j.jebo.2022.10.043 |
| Web address (URL) | http://dx.doi.org/10.1016/j.jebo.2022.10.043 |
| Publication dates | |
| Published in print | Jan 2023 |
| Published online | 01 Dec 2022 |