Lange model and Socialism

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Difference between Lange model and Socialism

Lange model vs. Socialism

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. Socialism is a range of economic and social systems characterised by social ownership and democratic control of the means of production as well as the political theories and movements associated with them.

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 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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Europe-Asia Studies

Europe-Asia Studies is an academic peer-reviewed journal published 10 times a year by Routledge on behalf of the Institute of Central and East European Studies, University of Glasgow, and continuing (since vol. 45, 1993) the journal Soviet Studies (vols. 1-44, 1949–1992), which was renamed after the dissolution of the Soviet Union.

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Hungarian People's Republic

The Hungarian People's Republic (Magyar Népköztársaság) was a one-party socialist republic (communist state) from 20 August 1949 to 23 October 1989.

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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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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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Neoclassical economics

Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.

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Oskar R. Lange

Oskar Ryszard Lange (27 July 1904 – 2 October 1965) was a Polish economist and diplomat.

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Social dividend

The social dividend is the return on the capital assets and natural resources owned by society in a socialist economy.

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Socialist calculation debate

The socialist calculation debate (sometimes known as the economic calculation debate) was a discourse on the subject of how a socialist economy would perform economic calculation given the absence of the law of value, money, financial prices for capital goods, and private ownership of the means of production.

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Socialist economics

Socialist economics refers to the economic theories, practices, and norms of hypothetical and existing socialist economic systems.

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Soviet-type economic planning

Soviet-type economic planning (STP) is the specific model of centralized economic planning employed by Marxist-Leninist socialist states modeled on the economy of the Soviet Union.

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