FARE 1040 Study Guide - Quiz Guide: William Baumol, Competitive Equilibrium, Socialist Calculation Debate

• School: University of Guelph
• Department: Food, Agricultural and Resource Economics
• Course: FARE 1040
• Professor: Fox Glenn C.

Document Summary

Land use planning implications of the economic calculation debate. National agricultural lands study land resources are too important to be left to the whims of market forces. Think there should be shift from private ownership to social/political ownership of land. Want to come to a solution that takes into account several key elements (future, effects of substituting central direction, realistic alternatives?) Purpose**: to demonstrate the relevance of the economic calculation debate related to efficient use of land resources. Ecd was over the feasibility of central planning. Mises said socialism is incompatible with economic planning: without market prices, no was of allocating resources on basis of consumer preferences. Purpose**: link economic calculation debate to centralized land-use planning and protection of agricultural land. Market socialism = develop methods by which central planner could determine economically rational product and factor prices in absence of private property: central planning is possible. Hayek argues against mises: impossible do to info problems.