Does the calculation problem involve the difficulty of discovering technological recipes for production?
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Does the “calculation problem” involve the difficulty of discovering technological recipes for production?
Started by Murphy, Sep 10 2005 11:50 AM
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Posted 29 August 2008 - 11:09 AM
Technology is but one factor of production. There are many ways to produce goods: consumer, intermediate, even the initial production factors, even in a socialist economy. Even if socialist planners could discover great technological advances, it is still impossible to determine if it is the correct, most cost-effective way to go. Maybe old technology and labor intensive manufacturing would be more profitable, but how would they know without private ownership of that technology.
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