Synopsis
A rigorous argument that a socialist economy can rationally allocate resources by simulating market pricing, rebutting claims that planning is inherently impossible.
Core passage idea
Paraphrase · Modern copyrighted workA central planning board can set prices by trial and error, adjusting them when shortages or surpluses appear, so socialism can achieve efficient allocation without private capital markets.
It reframes the socialist calculation debate by showing planning need not be blind, offering a theoretical answer to Mises and Hayek.
To avoid a bubble
Pair with Ludwig von Mises, Human Action.
Reading note
Engage it as a technical economic argument; understand the Mises-Hayek challenge first so Lange's solution lands.
Best paired with
Ludwig von Mises, Human Action