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Capitalism and Lange model

Shortcuts: Differences, Similarities, Jaccard Similarity Coefficient, References.

Difference between Capitalism and Lange model

Capitalism vs. Lange model

Capitalism is an economic system based upon private ownership of the means of production and their operation for profit. The Lange model (or Lange–Lerner theorem) is a neoclassical economic model for a hypothetical socialist economy based on public ownership of the means of production and a trial-and-error approach to determining output targets and achieving economic equilibrium and Pareto efficiency.

Similarities between Capitalism and Lange model

Capitalism and Lange model have 16 things in common (in Unionpedia): Capitalism, Economic equilibrium, Economic planning, Externality, Friedrich Hayek, Léon Walras, Ludwig von Mises, Marginal cost, Market economy, Market socialism, Means of production, Milton Friedman, Pareto efficiency, Perfect competition, The New Palgrave Dictionary of Economics, X-inefficiency.

Capitalism

Capitalism is an economic system based upon private ownership of the means of production and their operation for profit.

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Economic equilibrium

In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.

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Economic planning

Economic planning is a mechanism for the allocation of resources between and within organizations which is held in contrast to the market mechanism.

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Externality

In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.

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Friedrich Hayek

Friedrich August von Hayek (8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian-British economist and philosopher best known for his defense of classical liberalism.

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Léon Walras

Marie-Esprit-Léon Walras (16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist.

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Ludwig von Mises

Ludwig Heinrich Edler von Mises (29 September 1881 – 10 October 1973) was an Austrian-American theoretical Austrian School economist.

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Marginal cost

In economics, marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.

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Market economy

A market economy is an economic system in which the decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.

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Market socialism

Market socialism is a type of economic system involving the public, cooperative or social ownership of the means of production in the framework of a market economy.

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Means of production

In economics and sociology, the means of production (also called capital goods) are physical non-human and non-financial inputs used in the production of economic value.

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Milton Friedman

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.

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Pareto efficiency

Pareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.

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Perfect competition

In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition.

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The New Palgrave Dictionary of Economics

The New Palgrave Dictionary of Economics (2008), 2nd ed., is an eight-volume reference work on economics, edited by Steven N. Durlauf and Lawrence E. Blume and published by Palgrave Macmillan.

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X-inefficiency

X-inefficiency is the difference between efficient behavior of businesses assumed or implied by economic theory and their observed behavior in practice caused by a lack of competitive pressure.

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The list above answers the following questions

Capitalism and Lange model Comparison

Capitalism has 588 relations, while Lange model has 39. As they have in common 16, the Jaccard index is 2.55% = 16 / (588 + 39).

References

This article shows the relationship between Capitalism and Lange model. To access each article from which the information was extracted, please visit:

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