Pseudocode and algorithms for computer simulations of democratically planned economies

Mitchell Szczepanczyk
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Mitchell Szczepanczyk: OpenMarkets, Inc., Chicago, USA

Journal of Information Economics, 2023, vol. 1, issue 3, 43-54

Abstract: The claim that “there is no third way” besides the economic models of capitalism and communism has faced a challenge from a new and growing body of research into a “third way” economic paradigm known as democratic planning. In this paper, we explore one of these democratic planning models–Robin Hahnel and Michael Albert’s model of a participatory economy, focusing in particular on its allocation mechanism–a non-market, non-command-planning procedure known as “participatory planning.” This procedure has recently been implemented in computer programs to explore its feasibility, the encouraging results of which have been published elsewhere and which we summarize here. But I present here for the first time the detailed algorithms and related pseudocode powering all of these computer programs for others to consider, examine, and build as their own programs. I also describe future directions for this avenue of research.

Keywords: Participatory Economy; Democratic Planning; Economic Simulation Algorithms (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:bba:j00008:v:1:y:2023:i:3:p:43-54:d:240

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