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The Lange model proposes that a socialist economy with public ownership of capital goods and means of production can achieve economic efficiency through a system of trial-and-error price adjustments by a central planning board similar to perfect competition in a market economy. Under this model, state-owned firms set prices equal to marginal costs while the central planning board uses price changes to balance supply and demand. The model was an attempt to address criticisms of socialist economic calculation

Author

Bernard Okpe

Language

EN