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Oskar Lange
Oskar Ryszard Lange (; 27 July 1904 – 2 October 1965) was a Polish economics, economist and diplomat. He is best known for advocating the use of market (economics), market pricing tools in socialism, socialist systems and providing a model of market socialism. He responded to the economic calculation problem proposed by Ludwig von Mises and Friedrich Hayek by claiming that managers in a Planned economy, centrally-planned economy would be able to monitor supply and demand through increases and declines in Inventory, inventories of goods, and advocated the nationalization of major industries. During his stay in the United States, Lange was an academic teacher and researcher in mathematical economics. Later in Polish People's Republic, socialist Poland, he was a member of the Polish United Workers' Party, Central Committee of the Polish United Workers' Party.Witold Gadomski, ''Rynek trzyma smycz [Gadomski o książce Belki]'' (The market holds the leash [Gadomski about Belka's book] ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neo-Marxian Economics
Neo-Marxism is a collection of Marxism, Marxist school of thought, schools of thought originating from 20th-century approaches to amend or extend Marxism and Marxist philosophy, Marxist theory, typically by incorporating elements from other intellectual traditions such as critical theory, psychoanalysis, or existentialism. Neo-Marxism comes under the broader framework of the New Left. In a Sociology, sociological sense, neo-Marxism adds Max Weber's broader understanding of social inequality, such as Social status, status and Power (sociology), power, to Marxist philosophy. As with many uses of the prefix ''wikt:neo-#English, neo-'', some theorists and groups who are designated as neo-Marxists have attempted to supplement the perceived deficiencies of orthodox Marxism or dialectical materialism. Many prominent neo-Marxists, such as Herbert Marcuse and other members of the Frankfurt School, have historically been sociologists and psychologists. Examples of neo-Marxism include analyt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market (economics)
In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in Exchange (economics), exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the value of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emergence, emerges more or less spontaneous order, spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods. Markets generally supplant Gift economy, gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Polish United Workers' Party
The Polish United Workers' Party (, ), commonly abbreviated to PZPR, was the communist party which ruled the Polish People's Republic as a one-party state from 1948 to 1989. The PZPR had led two other legally permitted subordinate minor parties together as the Front of National Unity and later Patriotic Movement for National Rebirth. Ideologically, it was based on the theories of Marxism-Leninism, with a strong emphasis on left-wing nationalism. The Polish United Workers' Party had total control over public institutions in the country as well as the Polish People's Army, the UB and SB security agencies, the Citizens' Militia (MO) police force and the media. The falsified 1947 Polish legislative election granted the Communist Polish Workers' Party (PPR) complete political authority in post- war Poland. The PZPR was founded forthwith in December 1948 through the unification of the PPR and the Polish Socialist Party (PPS). From 1952 onward, the position of "First Secretary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Polish People's Republic
The Polish People's Republic (1952–1989), formerly the Republic of Poland (1947–1952), and also often simply known as Poland, was a country in Central Europe that existed as the predecessor of the modern-day democratic Republic of Poland. With a population of approximately 37.9 million near the end of its existence, it was the second most-populous communist government, communist and Eastern Bloc country in Europe. It was also where the Warsaw Pact was founded. The largest city and capital was Warsaw, followed by the industrial city of Łódź and cultural city of Kraków. The country was bordered by the Baltic Sea to the north, the Soviet Union to the east, Czechoslovak Socialist Republic, Czechoslovakia to the south, and East Germany to the west. The Polish People's Republic was a unitary state with a Marxist–Leninist government established in the country after the Red Army's takeover of Polish territory from Occupation of Poland (1939–1945), German occupation in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Economics
Mathematical economics is the application of Mathematics, mathematical methods to represent theories and analyze problems in economics. Often, these Applied mathematics#Economics, applied methods are beyond simple geometry, and may include differential and integral calculus, Recurrence relation, difference and differential equations, Matrix (mathematics), matrix algebra, mathematical programming, or other Computational economics, computational methods.TOC. Proponents of this approach claim that it allows the formulation of theoretical relationships with rigor, generality, and simplicity. Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific, positiv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nationalization
Nationalization (nationalisation in British English) is the process of transforming privately owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization contrasts with privatization and with demutualization. When previously nationalized assets are privatized and subsequently returned to public ownership at a later stage, they are said to have undergone renationalization (or deprivatization). Industries often subject to nationalization include telecommunications, electric power, fossil fuels, railways, airlines, iron ore, media, postal services, banks, and water (sometimes called the commanding heights of the economy), and in many jurisdictions such entities have no history of private ownership. Nationalization may occur with or without financial compensation to the former owners. Nationalization is distinguished from property redistribution in that the government retains control of nationalized pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory
Inventory (British English) or stock (American English) is a quantity of the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The concept of inventory, stock or work in process (or work in progress) has been extended from manufacturing systems to service businesses and projects, by generalizing the definition to be "all work within the process of production—all work that is or has occurred prior to the completion of production". In the context of a manufacturing production system, inventory refers to all work that has occurred—raw materials, partially finished products, finished products prior to sale and departure from the manufacturing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply And Demand
In microeconomics, supply and demand is an economic model of price determination in a Market (economics), market. It postulates that, Ceteris_paribus#Applications, holding all else equal, the unit price for a particular Good (economics), good or other traded item in a perfect competition, perfectly competitive market, will vary until it settles at the market clearing, market-clearing price, where the quantity demanded equals the quantity supplied such that an economic equilibrium is achieved for price and quantity transacted. The concept of supply and demand forms the theoretical basis of modern economics. In situations where a firm has market power, its decision on how much output to bring to market influences the market price, in violation of perfect competition. There, a more complicated model should be used; for example, an oligopoly or product differentiation, differentiated-product model. Likewise, where a buyer has market power, models such as monopsony will be more a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Planned Economy
A planned economy is a type of economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. A planned economy may use centralized, decentralized, participatory or Soviet-type forms of economic planning. The level of centralization or decentralization in decision-making and participation depends on the specific type of planning mechanism employed. Socialist states based on the Soviet model have used central planning, although a minority such as the former Socialist Federal Republic of Yugoslavia have adopted some degree of market socialism. Market abolitionist socialism replaces factor markets with direct calculation as the means to coordinate the activities of the various socially owned economic enterprises that make up the economy. More recent approaches to socialist planning and allocation have come from some economists and computer scientists proposing planning mechanisms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Hayek
Friedrich August von Hayek (8 May 1899 – 23 March 1992) was an Austrian-born British academic and philosopher. He is known for his contributions to political economy, political philosophy and intellectual history. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize. He was a major contributor to the Austrian school of economics. During his teenage years, Hayek fought in World War I. He later said this experience, coupled with his desire to help avoid the mistakes that led to the war, drew him into economics. He earned doctoral degrees in law in 1921 and political studies in 1923 from the University of Vienna. He subsequently lived and worked in Austria, Great Britain, the United Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Calculation Problem
The economic calculation problem (ECP) is a criticism of using central economic planning as a substitute for Market (economics), market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek. In his first article, Mises described the nature of the price system under capitalism and described how individual subjective value theory, subjective values (while criticizing Labor_theory_of_value, other theories of value) are translated into the objective information necessary for Rational choice theory, rational allocation of resources in society. He argued that central planning necessarily leads to an irrational and inefficient allocation of resources. In market exchanges, prices reflect the supply and demand of resources, labor and products. In the article, Mises focused his criticism on the deficiencies of the Socialization (economics), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
