AI Summary & Key Takeaways
AI InsightIn this study, the effect of Austrian School of Economics-O.Lange debate on the invention of mechanism design theory and new aspects that it provided for this debate is discussed.\r\n
📌 3 Key Takeaways
Abstract
\r\n After L.von Mises asserted in the 1920's that it is not possible to achieve economic efficiency in socialism, his this assertion had started tob e debated intensively between the neo-classic and Austrian economists. Mises and Hayek suggested that economic efficiency can only be achieved through the coordination of partial information of economic agents via market process. On the other hand, O.Lange suggested that economic efficiecy can also be achieved in market socialism via a central planning board, together with justice in income distribution. In this study, the effect of Austrian School of Economics-O.Lange debate on the invention of mechanism design theory and new aspects that it provided for this debate is discussed.\r\n
Özet
L. von Mises’in 1920’li yıllarda yayınlanan çalışmalarında sosyalizmde ne suretle olursa olsun iktisadi etkinliğin sağlanamayacağını öne sürmesinin ardından, bu iddiası 1930’lu yıllarda –özellikle neo-klasik iktisatçılar ve Avusturya Okulu arasında- yoğun biçimde tartışılmaya başlamıştır