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Rivalry and Central Planning: The Socialist Calculation Debate Reconsidered, by Don Lavoie
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Rivalry and Central Planning, first published in 1985, is a vital contribution to the scholarly literature in contemporary comparative systems, the economics of socialism, and the Austrian school of economics. It disputes the commonly accepted view of both the nature of the “socialist calculation debate” of the 1930s and the lessons to be derived from it.
Whereas many socialist and Austrian participants in the debate tended to talk in polar terms of central planning versus the market, the chief result of the controversy has been that the neoclassical “market-socialist” position is usually taken to represent a successful synthesis of planning and markets. Don Lavoie, however, argues that the famous debate has been largely misunderstood.
The debate can no longer be viewed as a dated battle between extreme positions that have now become comfortably reconciled, as Lavoie insists that market socialists did not answer the Austrian school’s chief concerns about the challenges associated with rationally allocating resources. Rather, the lesson is that planning and markets are fundamentally alternative coordination mechanisms and that the attempt to combine them tends to subvert the operation of each.
Praise for the Book
“When it was first published in 1985, Don Lavoie’s revisionist account of the socialist calculation debate immediately became a seminal document in the Austrian revival. The book not only demonstrates the flaws of central planning but also shows why so
many economists, in thrall to equilibrium theorizing, missed the essential points of the Austrian critique. The Mercatus Center’s reissuing of this important book is very welcome indeed.”
—Bruce Caldwell, Director of the Center for the History of Political Economy at Duke University
“Rivalry and Central Planning was an important book when it was first published in 1985, and 30 years later it is still well worth scholarly attention. As the first detailed examination of the economic calculation debate from an Austrian perspective, Lavoie not only demonstrated the shortcomings of the socialist position but also provided a critique of much of mainstream economic theory. His emphasis on
the central importance of rivalry among competitors captured the central feature of a market economy that leads to innovation and economic growth. It is a classic, and I am delighted that this book will now once again be in print for a new generation of economists.”
—Karen Vaughn, author of Austrian Economics in America: The Migration of a Tradition
- Sales Rank: #420368 in eBooks
- Published on: 2015-10-27
- Released on: 2015-10-27
- Format: Kindle eBook
About the Author
Don Lavoie was the David H. and Charles G. Koch Professor of Economics at George Mason University, where he taught from 1981 until his death in 2001. A beloved teacher, Lavoie influenced a generation of Austrian school economists. He is also the author of National Economic Planning: What Is Left? and, with Emily Chamlee-Wright, Culture and Enterprise: The Development, Representation and Morality of Business.
Most helpful customer reviews
10 of 10 people found the following review helpful.
The Real Calculation Debate...
By James F. Mueller
This book is a very detailed study of the entire history of the socialist calculation debate. This debate began with Von Mises' claim that a socialist society (state ownership of capital goods) cannot allocate resources efficiently because of the absence of competitive market prices.
All the participants in this debat would agree with this characterization of Mises' challenge, but, as Lavoie argues, they would emphasize different points. Lavoie wants to correct these many different interpretations by drawing attention to the importance Mises attached to the concept of "competition" --- what Lavoie calls rivalry.
Lavoie uses the word rivalry because economic theory has a peculiar idea of the nature and character of competition. For economists, competition is a Pareto-optimal state of affairs in which all prices converge to equilibrium and market agents are act in the capacity of passive price takers. Dynamic, rivalrous, entrepreneurial price war behavior are generally seen by the profession as being crude representations of pure and perfect competition.
This understanding of competition is responsible, Lavoie argues in this book, for the confusion that surrounds the calculation debate. Mises and his followers (Robbins and Hayek) had a different view of the essential features of a competitive market economy than did their interlocutors. For the market socialists, there is a formal similarity between capitalism and socialism, enabling them to argue that socialism could reproduce the results of perfect competition, thus making the free and unhampered market unnecessary for the generation of efficient market prices.
That is the basic thesis of Lavoie's book. The Austrians have a dynamic idea of markets and competition while the market socialists (Lange and Taylor) had a static understanding of markets.
This book is also valuable because it discusses the role of Mises' challenge in the context of Marxian theory as well. In fact, Lavoie argues that the more interesting confrontation occurred between Mises and the Marxians rather than the subsequent debates between Hayek and the market socialists because both Marx and Mises emphasized disequilibrium. For Marx, the market was not only competitive and rivalrous, but also anarchic and chaotic. Marx believed that central planning (unity and coherence) could eliminate this independence among producers and bring order to the market. It is in this context that Mises' challenge can (and should!) be appreciated.
For Austrians who have not yet read this book, I would encourage you to do so for this chapter on Marx and the one on Mises that follows it. The rest of the book should be old hat for Austrians.
I gave this book 5 stars because it was published in 1985 and covered all of the relevant arguments up to that time from a distinctly Austrian perspective. However, Austrians cannot make these sorts of arguments forever. The market socialists are now gone and replacing them are new, well-trained and equally dynamic professional economists who have challenged the efficacy of market prices on novel grounds. People like Joseph Stiglitz, Bowles and Gintis have made challenging arguments against the market without invoking the concept of equilibrium. Austrians have erred by responding to these criticisms by resorting to the socialist calculation debate because, as Lavoie has shown, this debate is confused because both sides had different ideas of the market. The socialists were general equilibrium theorists while the new challengers are not.
This book is of historical interest (and in this respect is immensely interesting), but I think Austrians need to move on. Of course I cannot fault Professor Lavoie for this so I decided to give him 5 stars for this excellent book.
1 of 1 people found the following review helpful.
THE UNPUTDOWNABLE INTRODUCTION TO THE DEBATE ABOUT CENTRAL ECONOMIC PLANNING.
By Pål Foss
This is the best book on the important economic calculation debate. This is also of my all-time favourite books on Austrian economics. the book is unputdownable. It is very nice that it has been re-issued.
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