Economic Planning

David Reisman
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David Reisman: Nanyang Technological University

Chapter 11 in James Edward Meade, 2018, pp 233-243 from Palgrave Macmillan

Abstract: Abstract The British economy in wartime had been planned and some in the 1930s and 1940s also admired the Soviet model. Many authors, including Hayek, Robbins Durbin and Franks, had written about the future of top-down control. Meade’s proposal was a mix. There was no case for an imperative plan. Prices and quantities should be determined by supply and demand. Since, however, information and coordination are always problematic where decisions are decentralised, there is a need in a market economy for an indicative plan that would reduce wasteful duplication and minimise supply-chain inconsistency. Although control is undesirable, grants and concessions would provide a useful nudge.

Keywords: Post-1945 debates; Imperative planning; Indicative coordination; Public policy; Market pricing (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1007/978-3-319-69281-4_11

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