"Those who object to economic planning on the grounds that the problem is solved by price movements can be answered by pointing out that there is planning within our economic system which is quite different from the individual planning mentioned above [individuals who "exercise foresight and choice among alternatives" -- mbs] and which is akin to what is normally called economic planning."
I don't know. If you don't have exchange, there is some kind of very different world (inside the firm) where transactions are conducted, in contrast to markets. It's even more screwy if the manager is not the owner. I'd say the implications were potentially radical, but they didn't spin out that way as far as the profession is concerned. For obvious reasons. It's been a while since I read Lange/Taylor, but I'm reminded of their pricing scheme while reading about Federal gov contracting. The Feds have this body of regulations known as A-76 which are guidelines for organizing a market as a way of making decisions about contracts. It's basically unwieldy and not much used, but in a sense it's socialism in action. :-) mbs . . . This stuff isn't radical. It was developed by Coase, who's very much part of the Chicago school of laissez-faire economics. Jim
