Socialist economics refers to the economic theories, practices, and norms of hypothetical and existing socialist economic systems.
A socialist economy is based on some form of social ownership, which includes varieties of public ownership and independent cooperatives, over the means of production, wherein production is carried out to directly produce use-value sometimes, but not always, coordinated through economic planning and a system of accounting based on calculation-in-kind or a direct measure of labor-time.
The term socialist economics may also be applied to analysis of former and existing economic systems that call themselves "socialist", such as the works of Hungarian economist János Kornai.
Socialist economics has been associated with different schools of economic thought, most notably Marxian economics, institutional economics, evolutionary economics and neoclassical economics. Early socialism, like Ricardian socialism, was based on classical economics. During the 20th century, proposals and models for planned economies and market socialism were based heavily on neoclassical economics or a synthesis of neoclassical economics with Marxian or institutional economics.
Read more about Socialist Economics: Description, Socialist Economies in Practice, History of Socialist Economic Thought, Criticisms, See Also
Famous quotes containing the words socialist and/or economics:
“I nearly always find, when I ask a vegetarian if he is a socialist, or a socialist if he is a vegetarian, that the answer is in the affirmative.”
—Katharine Fullerton Gerould (1879–1944)
“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (1894–1961)