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Socialist Economics

Socialist Economics

Socialist economics are the economic theories and practices 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, usually, but not always, coordinated through economic planning and a system of accounting based on calculation-in-kind or a direct measure of labor-time.[1][2]

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 J?nos Kornai.[3]

Socialist economics have 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.

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