Computation, Incentives, and Discovery: The Cognitive Function of Markets in Market Socialism

Don Lavoie

The ANNALS of the American Academy of Political and Social Science, 1990, vol. 507, issue 1, 72-79

Abstract: Decisive for the question of the feasibility of various versions of market socialism is the issue of the basic cognitive function markets are expected to provide. Three increasingly comprehensive interpretations of the cognitive function of markets, labeled computation, incentives, and discovery, are described and contrasted. Depending on how the basic cognitive role of markets is interpreted, very different judgments are possible on the feasibility of market socialism. Two types of market socialism are examined in terms of these approaches, and their shortcomings are attributed to their incomplete appreciation of the way knowledge is created, discovered, and conveyed in market processes.

Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:sae:anname:v:507:y:1990:i:1:p:72-79

DOI: 10.1177/0002716290507001008

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