Revista OEconomica

Bogdan COZMA - Book Review: Agnieszka Orzelska-Stączek (ed.), The Three Seas Initiative: An original concept of regional cooperation in different approaches, Warsaw, Institute of Political Studies of the Polish Academy of Sciences, 2024

Articles on Issue Theme

Silviu CERNA

Universitatea de Vest din Timişoara

A planned (socialist/communist) economy is a system/arrangement in which decisions are made by the state apparatus through a plan that sets production targets for a period of one year (annual plan) or several years (five-year plan). In the 1920s and 1930s, there was an intense debate in the economic literature about the possibility of economic calculation in socialism/communism. Despite the historical, yet theoretically predicted, failure of central planning, its adherents are now regrouping to support the idea that increasing computing power enhances the possibility of economic calculation even in the absence of private property, free markets, and real prices. Along this line of thought, some contemporary authors argue that recent advances in artificial intelligence (A.I.) lead to a situation in which central planning is not only possible, but even superior to the free market.

ŒCONOMICA no. 1-2/2024

Keywords: free market, socialism, economic calculation, central planning, artificial intelligence

JEL: B50, O20, P00

Planned Economies: The Heavy Legacy of a Failed Experiment and a Note on A.I. and Technosocialism

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