Description
Institutional Diversity and The Economic Calculation Debate examines one of the most enduring controversies in political economy and economic theory. The authors revisit the historical debate between Ludwig von Mises and Oskar Lange regarding the feasibility of socialist economic calculation, bringing contemporary institutional analysis to bear on this classical problem.
By incorporating insights from institutional economics and complexity theory, Miroiu and Aligica demonstrate how diverse institutional arrangements can influence economic efficiency and resource allocation. The book argues that institutional diversity itself becomes a crucial variable in determining whether non-market economies can successfully perform the economic calculations necessary for efficient production and distribution.
Published by Cambridge University Press, this scholarly work bridges twentieth-century economic thought with modern institutional frameworks, offering readers a nuanced analysis of market socialism, planning mechanisms, and the role of institutions in economic systems. It provides essential reading for economists, political theorists, and anyone interested in understanding the theoretical foundations of economic organization.
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